S.A.G. Solarstrom AG / Key word(s): Insolvency
13.12.2013 09:28
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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S.A.G. Solarstrom AG to file for insolvency
- Self-administration of insolvency proceedings planned
- Refinancing negotiations failed
- No interest payment on bond 2010/2015 on December 16, 2013
Freiburg i. Br., December 13, 2013. S.A.G. Solarstrom AG (German security
identification number: 702 100, ISIN: DE0007021008), Freiburg i. Br., as
well as its subsidiaries S.A.G. Solarstrom Vertriebsgesellschaft mbH and
S.A.G. Technik GmbH will file for insolvency today. S.A.G. Solarstrom AG
has been holding refinancing talks with banks, financial services providers
and other creditors, as well as investors, since November 18, as a result
of cash inflows that have not been received on time and in view of the
operative losses expected since November 29, 2013. After these refinancing
negotiations, which had already entered a very concrete stage, can be
considered to have failed today, the company sees no option of implementing
a short-term financial restructuring outside of insolvency proceedings.
Accordingly, no interest payment will be made on December 16, 2013 for the
2010/2015 bond (German security identification number: DE000A1E84A4, ISIN:
A1E84A).
On November 18, 2013, it became apparent that a cash inflow expected in
November in the mid-single-digit million Euro range would probably only be
received during the course of 2014. The reason for this is that the closing
of the sale of an Italian system portfolio cannot currently take place due
to a legal dispute with the network operator. According to information on
December 3, a cash inflow to S.A.G. Solarstrom AG in the mid-single-digit
million Euro range was delayed from a loan that had been granted to an
Italian project company. The payment is now expected by the end of Q1 2014
at the earliest, due to formal legal reasons. In conjunction with other
delays in cash inflows from sales of systems in Germany, this gave rise to
liquidity shortfalls that could not be covered by the refinancing talks.
S.A.G. Solarstrom AG is planning self-administration of the insolvency
proceedings. The goal is sustainable restructuring to support the
continuation of the Group, in which the creditors are to be closely
involved. The company will work on a recovery plan over the next three
months to this end.
Contact:
S.A.G. Solarstrom AG
Sasbacher StraÃe 5
79111 Freiburg
Germany
www.solarstromag.com
Public Relations / Investor Relations
Jutta Lorberg
phone: +49-(0)761-4770-311
e-mail: pr@solarstromag.com / ir@solarstromag.com
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Information and Explaination of the Issuer to this News:
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent
provider of photovoltaic plants configured to customers' individual needs.
The Group constructs plants of all sizes both in Germany and abroad. S.A.G.
Solarstrom AG also produces solar energy at its own plants.
S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of
photovoltaic plants, including forecast and energy services, yield reports,
and remote service and maintenance, as well as insurance and financing. The
Group thus offers a comprehensive value chain in photovoltaics, from yield
reports, planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.
S.A.G. Solarstrom AG was founded in 1998. Around 200 specialists work at
the four locations in Germany and the foreign subsidiaries.
S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock
Exchange as well as according to the rules and standards M:access of the
Munich Stock Exchange.
Further information: www.solarstromag.com
13.12.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: S.A.G. Solarstrom AG
Sasbacher Str. 5
79111 Freiburg
Germany
Phone: + 49 761 4770 0
Fax: + 49 761 4770 555
E-mail: mail@solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008, DE000A1E84A4, DE000A1K0K53,
WKN: 702100, A1E84A, A1K0K5
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München (m:access), Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: S.A.G. Solarstrom AG:
| Source: EQS Group AG