The majority owner of equipment specialist centrotherm has agreed to dispose of its stake, clearing the way for the company to restructure its financing.
Sol Futura owned 80% of centrotherm and settlements with its creditors were to be delayed until the end of 2017. With an agreement for the disposal of Sol Futura’s shares now in place, liabilities to centrotherm’s creditors will be due.
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In the financial statement released by the company on Thursday, the management board said it has negotiated “a financing agreement to secure the company's financing after the disposal of the interest by Sol Futura”.
It is expected that the Sol Futura transaction will be complete by the end of the first quarter of 2016.