German solar company, Schletter GmbH has filed for insolvency proceedings in self-administration at the district court of Mühldorf, southern Germany.
The company said the proceedings, planned to be concluded in the summer, are aimed at completing the restructuring process it began in 2016.
Throughout the process, business operations will continue at full capacity, the company said. “The Schletter Group’s production, sales and service continue without restrictions during the self-administration,” said Schletter CEO, Tom Graf. The salaries of the approximately 280 employees are secured for next three months by the insolvency allowance.
According to Schletter, the main objective of the process is to quickly restructure the financing in close cooperation with the creditors. During the self-administration, in which the corporate responsibility of the management remains, Andreas Elsäßer and Jan Metzner of the law firm Schultze & Braun will join the management as restructuring managers.
“The self-administration provides us with the appropriate legal framework to carry out the reorganization in close coordination with the creditors to bring Schletter and on a solid financial footing in the long term,” said Elsäßer.
Important partners and customers of Schletter have already promised support. Over the past nearly two and a half years, Graf and Renzow, who took over the management at the end of 2015, have already pushed ahead with the reorganization of corporate finances.
They also implemented a comprehensive reorganization plan. In September 2016, they announced the reduction of around 220 jobs. Meanwhile, the Schletter Group is again generating operating profits, but the high level of “old debts and burdens”, which was said to be the reason for the now requested self-administration, is still impacting the company.
The district court appointed attorney Christian Gerloff from the Munich-based law firm Gerloff Liebler as the provisional administrator. He is to protect the interests of the creditors in the self-administration and sees “good conditions for a successful restructuring” of Schletter.
The insolvency proceedings in self-administration are possible since 2012 under German insolvency law. Various PV companies have already used this process.