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With financial holdings of €110 million, the District Court of Ulm, Germany, has said that centrotherm photovoltaics can start its financial restructuring proceedings under its own administration. The major PV equipment supplier will now submit a plan in the next 12 days to the court with approval from creditors, which if successful, could mean the end of insolvency proceedings for the company.
centrotherm photovoltaics said that during the insolvency period, which started in July 2012 the company had continued to receive new orders with customers, suppliers and creditors having shown support for the planned reorganization measures.
In-house centrotherm administrator Tobias Hoefer said, "This sets an important signal for the future of centrotherm photovoltaics AG. Following the successful conclusion of insolvency protection proceedings which this documents, we can now make preparations for the further course of the reorganization process."