DGAP-News: S.A.G. Solarstrom AG / Key word(s): Insolvency
S.A.G. Solarstrom AG: Restructuring continues according to plan as
part of general insolvency proceedings
04.03.2014 / 09:55
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S.A.G. Solarstrom AG: Restructuring continues according to plan as part of
general insolvency proceedings
- Dr. Jörg Nerlich appointed insolvency administrator
- Search for investors and the development of the restructuring concept
running according to plan
- Closing of the sale of the Jüterbog project underlines company's
operational successes
Freiburg, March 4, 2014. As expected and as requested by the Executive
Board of S.A.G. Solarstrom AG (German security identification number: 702
100, ISIN: DE0007021008), the insolvency proceedings of S.A.G. Solarstrom
AG were opened as general insolvency proceedings on March 1, 2014. The
Local Court of Freiburg has appointed Dr. Jörg Nerlich from the Görg legal
office in Cologne, Germany, as the insolvency administrator. Previously,
during the institution of insolvency proceedings under self-administration,
Dr. Nerlich held the role of provisional trustee, a position that has
already seen him work alongside the Executive Board and the provisional
creditors' committee to create a restructuring plan. His appointment
guarantees that the insolvency proceedings will have a high level of
continuity. The restructuring being strived for and the search for
investors should enable the company to continue operating with its present
structure using the options that general insolvency offers. The closing of
the sale of the Jüterbog project, announced by S.A.G. Solarstrom AG on
Friday evening, highlights the company's operational successes by proving
its ability to implement projects even in difficult situations.
"As part of the insolvency proceedings now underway, my role as insolvency
administrator will see me continuing to work on the restructuring plan
alongside the Executive Board. Over the next few days, the numerous
potential investors who have already expressed their considerable interest
in S.A.G. Solarstrom AG, will receive the first written information, giving
them the opportunity to state more precisely their interest in becoming an
investor," explains the insolvency administrator Dr. Jörg Nerlich.
Given the course that the proceedings have taken to date, the insolvency
administrator, provisional creditors' committee and Executive Board are
optimistic that it is possible for the company to continue operating in its
existing structure with all of its business areas intact.
With the exception of new business in the area of plant construction, the
operational side of the business has continued throughout the insolvency
proceedings. Whilst banks are not making any finance available for new
projects during the insolvency proceedings, current projects are still
being completed. It was announced on February 28 that the sale of the
Jüterbog project had been concluded. This project formed part of a
portfolio of German photovoltaic plants which had already been sold but
whose sale could not be concluded due to a component supplier and several
service providers becoming insolvent. This, in turn, led to a delay in the
cash inflow expected in November and December 2013.
"Given S.A.G Solarstrom AG's excellent market position and successes as
well as the interest expressed in us to date, we are confident that
strategic investors will recognize our potential and take advantage of the
opportunity to invest in us. An investment will enable the company to be
successfully restructured and continued in line with the conditions
mentioned," states Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. "This is
our declared common goal. We will work together with our employees to
continue supporting Dr. Jörg Nerlich and this process by doing everything
within our power. We are delighted that the closing of the sale of the
Jüterbog project has demonstrated that we have the operational success
needed to achieve our aim," continues Kuhlmann.
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 190 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
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
End of Corporate News
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04.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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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 News DGAP News-Service
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255538 04.03.2014
DGAP-News: S.A.G. Solarstrom AG: Restructuring continues according to plan as part of general insolvency proceedings
| Source: EQS Group AG