Beleaguered German solar company Aleo Solar AG has announced today that it will be sold, dissolved and renamed AS Abwicklung und Solar-Service AG from April 30.
At an extraordinary general meeting, aleo solar Group’s shareholders agreed on the sale of the company’s key business operation in Prenzlau, Germany, and the "aleo" trademark to SCP Solar GmbH of Hamburg.
Aleo Solar AG had already revealed the background details of this company agreement back in February, but this week’s announcement of a complete dissolution of the company will come as a surprise to many.
Yesterday’s general meeting resolved to wind up Aleo Solar AG with effect from April 30, with chief shareholder Robert Bosch GmbH pouring in 31 million to ensure the smooth transition to liquidation, enabling Aleo Solar to be duly wound up without insolvency. The management board have assured investors that no, or an economically negligible surplus, will remain upon completion of liquidation.
The liquidators have already been appointed, one of whom from within management board member York zu Putlitz will join Randolf Müller, Matthias Beck and Volker Voss as the liquidators, who will substitute the management board during the liquidation process. PricewaterhouseCoopers (PWC) has been appointed auditor for the rump fiscal year ending April 30, 2014.
Once renamed, the new AS abwicklung und Solar-Service AG company will shift its registered seat to the German town of Oldenburg.
The news comes just a few days after Aleo Solar reported a 63% quarter-by-quarter contraction in revenues for the first quarter of the year, when it generated just 11.6 million ($16 million).
The company has been massively downsizing its operations since key shareholder Robert Bosch GmbH announced in March last year that it would be exiting the solar industry at the earliest opportunity.