DGAP-News: Court terminates centrotherm photovoltaics AG's insolvency proceedings - Group fully reorganized and fit for the future
(firmenpresse) - DGAP-News: centrotherm photovoltaics AG / Key word(s): Restructure of
Company
Court terminates centrotherm photovoltaics AG's insolvency proceedings
- Group fully reorganized and fit for the future
03.06.2013 / 09:25
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Blaubeuren/Ulm, June 3, 2013 - The Ulm District Court has approved the
insolvency plan of centrotherm photovoltaics AG in the version dated
January 29, 2013, and has terminated the insolvency proceedings with effect
as of the end of May 31. These proceedings have been running since October
2012. 'centrotherm is now a fully independent and reorganized company again
that enjoys long-term stable financing and positive future prospects. We
have done our reorganization homework in a difficult market environment,
and we are a strengthened and reliable partner for customers and
suppliers,' commented the two Management Board members for the
reorganization under the company's own administration, Tobias Hoefer and
Jan von Schuckmann.
As early as January 29, 2013, centrotherm had surmounted the decisive
hurdle for the company's reorganization and recapitalization: creditors and
shareholders approved with a large majority the insolvency plan that was
presented at the discussion and coordination meeting convened by the Ulm
District Court. The Ulm District Court approved this plan and, after all
conditions were fulfilled, confirmed that the proceedings that commenced
with the application that was submitted in July 2012 for protection under
the German Act Relating to the Further Simplification of the Reorganization
of Companies (ESUG) could now be terminated. The same applies for the
subsidiaries centrotherm thermal solutions GmbH&Co. KG and centrotherm
SiTec GmbH, for which independent proceedings are running.
Jobs and millions of euros' worth of assets retained for shareholders and
creditors
'centrotherm can now successfully complete its reorganization, and further
strengthen its position as a globally leading provider of production
technology for thermal surface processes in the photovoltaic, semiconductor
and microelectronic industries. The implementation of the reorganization
plan delivers a result that is equally beneficial for shareholders,
employees and creditors. For shareholders, millions of euros' worth of
assets, the stock market listing and their shares' capital appreciation
potential are preserved. Creditors retain the opportunity to realize 100
percent of their receivables, and, not least, all of the currently around
900 jobs within the centrotherm Group can be secured,' is the assessment of
Hoefer and von Schuckmann.
The market environment continues to prove very difficult, and no positive
signs exist of improvement over the next months. Over the next few years,
centrotherm will continue to invest double-digit amounts of millions of
euros to develop new technologies and products in the photovoltaic and
semiconductor areas, in order to secure and expand its globally leading
technological position.
According to the plan, the capital structure will now be bolstered through
converting unsecured creditors' receivables into the company's shares. To
this end, creditors will assign 70 percent of their receivables that have
been determined to be unconditional and without restriction to an
administration company, thereby contributing them to centrotherm
photovoltaics AG by way of a capital increase. The insolvency receivables
that have been contributed will expire. In other words, centrotherm
photovoltaics AG will be significantly deleveraged.
In the first step, the company's share capital will be reduced through
consolidating the shares in five to one ratio, equivalent to a EUR
16,929,904 reduction to EUR 4,232,476 (capital write-down). Existing
shareholders are not required to take any action in this context, and their
depository banks will write to them informing them once this capital
measure has been registered. In a directly subsequent step, the share
capital will be increased again to EUR 21,162,380 by way of a cash capital
increase against non-cash capital contributions through contribution of
creditor receivables (debt-for-equity swap). As a consequence, the
administration company will hold 80 percent of the shares of centrotherm
photovoltaics AG, and former shareholders will retain the remaining 20
percent.
Fair settlement of interests sets a precedent
'A settlement of interests as realized by this plan sets a precedent for
the reorganization of companies in a manner that the legislator wished to
promote with the German Act Relating to the Further Simplification of the
Reorganization of Companies (ESUG). Within just a few months, we have
consequently succeeded in making a globally operating and listed group fit
again for the future, and in creating a fair settlement of interests in
doing so. On this scale, this sets a unique precedent in Germany to date,'
emphasize Hoefer and von Schuckmann.
About centrotherm photovoltaics AG
centrotherm has been developing and realizing innovative thermal solutions
for over 50 years. As a leading and globally operating technology group, we
offer production solutions for the photovoltaic, semiconductor and
microelectronic industries.
The continuous further development of our successful solutions in thermal
processing and coating, such as for manufacturing crystalline solar cells
and power semiconductors, form the basis for our successful partnerships
with industry, research and development.
Our customers worldwide appreciate our production systems' process
stability, scalability and availability in mass production. Above and
beyond this, our work is distinguished by the fact that we create high-end
process technology solutions which are specific for our customers and
tailored to their requirements, and the fact that we are outstanding in
system building.
We jointly confront the daily challenges of setting new trends, maximizing
the efficiency of producing, for example, solar cells and semiconductors,
and, coupled with our long machine durations, of securing investments.
In this way, we generate valuable competitive advantages for our customers
through targeted innovations to processes and production solutions.
Our around 900 staff worldwide are committed to the further development of
high-tech solutions for key markets.
centrotherm photovoltaics AG
Johannes-Schmid-Strasse 8
89143 Blaubeuren
Internet: www.centrotherm.de
ISIN: DE000A0JMMN2
WKN: A0JMMN
Admitted to the Regulated Market/General Standard, Frankfurt Securities
Exchange
Corporate domicile: Germany
Contact:
Nathalie Albrecht
Manager Public and Investor Relations
Tel: +49 7344 918-6304
E-mail: investor(at)centrotherm.de
End of Corporate News
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03.06.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: centrotherm photovoltaics AG
Johannes-Schmid-Strasse 889143 Blaubeuren
Germany
Phone: +49 7344 918-0
Fax: +49 7344 918-8388
E-mail: info(at)centrotherm.de
Internet: www.centrotherm.de
ISIN: DE000A0JMMN2
WKN: A0JMMN
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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