DGAP-News: Solar Millennium AG: Solar Millennium's US investments filed for Chapter 11
(firmenpresse) - DGAP-News: Solar Millennium AG / Key word(s): Miscellaneous
Solar Millennium AG: Solar Millennium's US investments filed for
Chapter 11
02.04.2012 / 17:24
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Corporate News
Solar Millennium's US investments filed for Chapter 11
Erlangen, 2 April 2012 - Today, Solar Millennium's US subsidiaries and
investment filed for Chapter 11 insolvency proceedings in a concerted
action. Insolvency proceedings pursuant to Chapter 11 of the US Bankruptcy
Code provide a legal framework for structured reorganization and
restructuring measures. During the proceedings, Chapter 11 furthermore
prevents the access of creditors to the assets of the US subsidiaries.
By initiating Chapter 11 proceedings, Solar Millennium AG's insolvency
administrator intends to allow for a structured sales process of the
US-American projects. Following solarhybrid AG's insolvency application,
regular financing of the US companies was no longer secured. 'Chapter 11
proceedings ensure, that interested parties can enquire about the projects
and make offers in the course of a public tendering procedure', Böhm
emphasizes.
The main objective still is to make best use of the US projects to the
creditors' benefit. A sale of the US investments in particular would open
up good prospects for a cash guarantee furnished by Solar Millennium in the
million dollar range to add back to the Company's assets.
Böhm had already arranged for the previous management of the US business to
be replaced in preparation for Chapter 11 last week and installed US-based
restructuring expert Ned Kleinschmidt.
Contact:
Solar Millennium AG
Phone: +49 (0)9131 9409-0
Press Contact:
möller pr
Mail: cm(at)moeller-pr.de, Phone: +49 (0)221 80 10 87-87
This press release constitutes neither an offer to sell nor the
solicitation of an offer to buy any securities of Solar Millennium AG. The
press release shall not form the basis for investment decisions regarding
securities of the company. Any such investment decision of a prospective
investor shall be based solely on such prospective investor's own
investigations and assessments.
This release contains forward-looking statements. These statements are not
a description of past facts, but rather relate to expectations and opinions
of Solar Millennium AG. These statements are based on current plans,
assessments and forecasts of the company. Investors should not rely on
these statements. Forward-looking statements must be understood in the
context of the circumstances existing at the time when they were made. The
company assumes no obligation to update the forward-looking statements in
this release based on new information or future events. Forward-looking
statements always involve risks and uncertainty. Due to a multitude of
factors, actual events and actual developments may differ significantly
from the forward-looking statements contained herein. This press release
was originally prepared in German. The translation of this release or parts
thereof is considered as a service for journalists, analysts and investors
who are not able to understand German. Only the German version is legally
binding.
End of Corporate News
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163642 02.04.2012
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Datum: 02.04.2012 - 17:24 Uhr
Sprache: Deutsch
News-ID 131099
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