DGAP-News: Solar Millennium AG: Solar Millennium: Auction for US investments successful
(firmenpresse) - DGAP-News: Solar Millennium AG / Key word(s): Miscellaneous
Solar Millennium AG: Solar Millennium: Auction for US investments
successful
29.06.2012 / 09:23
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Corporate News
Solar Millennium: Auction for US investments successful
Erlangen, June 29, 2012 - The two largest US projects of the insolvent
Solar Millennium AG have found investors. The projects were sold as part of
an auction that was concluded at the end of June as part of the ongoing US
insolvency proceedings pursuant to Chapter 11. This was announced by the
insolvency administrator of Solar Millennium AG, Volker Böhm, today. The
sale relates to the project companies for the planned Blythe (buyer: the US
NextEra Energy Group) and Palen (buyer: the BrightSource Energy Group, US)
solar power plants. Both buyers have announced that they want to continue
with the projects in the near future.
The auction generated total proceeds of 80 million US dollars. Part of the
purchase price will not fall due for payment until certain project
milestones are met. The question as to whether the creditors of Solar
Millennium AG will receive at least part of the purchase price still
depends on which of the insolvency claims that are pending in the US are
recognized by the competent US court. This is because the purchase prices
achieved will serve initially to cover the procedural costs and to satisfy
certain preferential claims in the US. Decisions are still pending on a
number of substantial disputed claims. The sale will be implemented when
certain closing conditions have been fulfilled, which is expected to be in
July or August.
In his negotiations with the bidders and the US creditors' committee,
however, Böhm managed to agree that certain project-related guarantees
issued in the course of the sale of Solar Millennium that have not yet been
used would be redeemed. This will provide the creditors of Solar Millennium
AG with an inflow of funds running into the millions in the near future.
At the beginning of April, Böhm had initiated insolvency proceedings based
on Chapter 11 of the US Bankruptcy Code for Solar Millennium's US companies
and investments. Restructuring pursuant to Chapter 11 explicitly provides
for the use of an auction as a realization option, and Böhm made use of
this to initiate an organized sale process for the US projects. An initial
attempt to sell the investments had previously failed when the buyer -
Solarhybrid AG - became insolvent at the last minute.
A due diligence process was conducted by the bidders prior to the auction.
The investor process continues for the Amargosa and Ridgecrest projects.
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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