Major PV equipment supplier, centrotherm photovoltaics has submitted its reorganization plans to the insolvency court in Ulm, Germany. Although the company did not provide details on what those plans would be, the company said in a statement that it had now entered a critical phase in its insolvency proceedings that also need creditor approval. Both its subsidiaries, centrotherm thermal solutions and centrotherm SiTec have also filed plans with the court separately.
“Our aim is maintain centrotherm as an independent company based on this plan and to guide it towards a successful future. Ultimately this would benefit everyone involved in the process,” stated the company’s own administrator Tobias Hoefer.
The company also announced a major shake-up of its management team last week as part of the planned reorganization.