S.A.G. Solarstrom AG / Key word(s): Liquidity Problem
23.12.2013 11:07
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. Solar Italia s.r.l. introduces preventative settlement proceedings
- The parent company's insolvency petition invalidates Group cash
pooling, thus jeopardizing ability to meet financial obligations
- Preventative settlement proceedings (Concordato preventivo)
- Operative business will be continued
Freiburg i. Br., December 23, 2013. The Advisory Board of S.A.G. Solar
Italia s.r.l., a wholly-owned subsidiary of S.A.G. Solarstrom AG (German
security identification number: 702 100, ISIN: DE0007021008), Freiburg i.
Br., made the decision on 12/19/2013 to apply for the introduction of
preventative settlement proceedings (Concordato preventivo; R.D. 16.03.1942
No. 267, Art. 160 et sqq.) today.
The self-managed insolvency proceedings of the parent company S.A.G.
Solarstrom AG has invalidated Group cash pooling and thus jeopardized the
solvency of S.A.G. Solar Italia s.r.l.. Under the cash pooling process, the
Italian subsidiary has claims against the parent company in the
mid-single-digit million Euro range.
During the procedure, payments from S.A.G. Solar Italia s.r.l. may not be
enforced. The company will submit a settlement offer to the creditors
within a period to be fixed by the court of maximum 180 days.
S.A.G. Solar Italia s.r.l.'s business, which includes the management
(Operations & Maintenance) of photovoltaic systems, with a total output of
around 60 MWp for third parties in Italy, will be continued within the
framework of the proceedings.
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
23.12.2013 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: S.A.G. Solar Italia s.r.l. introduces preventative settlement proceedings
| Source: EQS Group AG