The management boards of Centrosolar Group AG and of Centrosolar AG as well as management of Centrosolar Sonnenstromfabrik GmbH filed applications to initiate protective cover proceedings at Hamburg Local Court today. A team led by Dr. Stefan Proske, partner at commercial law firm Heuking Kühn Lüer Wojtek in Berlin, advises the company.
The original reorganization and debt relief as part of ongoing operations had become increasingly questionable. The reasons included among others that the expected improvement of the market conditions specific for Centrosolar is progressing considerably more slowly than expected after the introduction of the anti-dumping measures of the European Union and the reduction of over-capacities existing on the market. "By initiating the protective cover procedure in self-administration, we want to allow Centrosolar to reorganize on the basis of a sustainable restructuring and future-oriented concept by itself, and with support of the creditors," said Proske. It is the objective to free the appropriate parts of the enterprise of debt and to refocus on their profitable core areas.
With more than 700 employees in Europe and North America and annual revenue of most recently (2012) about EUR 230 million, publicly listed Centrosolar Group AG, Munich, is one of the leading suppliers of photovoltaics systems for roofs and key components. The corporation has a module production plant in Wismar/Germany, which at an annual capacity of 350 MWp is one of the largest and most efficient factories in Europe. The other German, European, and U.S. companies of Centrosolar group are not affected by the filing.
Counsel to Centrosolar Group AG/Centrosolar AG/Sonnenstromfabrik
Heuking Kühn Lüer Wojtek, Berlin:
Dr. Stefan Proske (Reorganization)