Conergy’s financing banks agreed to extend its loans, which were originally due on July 31, 2010, through the end of 2011. Agreements have also been made to postpone any payments for the three remaining installments of the term of the loan until the end of next year. Conergy is looking to return to an annual operating profit this year and reach its targeted growth rate.
“The agreement underlines that our successful restructuring, which has been reflected in consistently improved operating results since the end of 2009, is also being recognized by our creditors. Conergy is back on track and we, just like our partner banks, are interested in working with a balance sheet structure which ensures a long-term, stable future for the company. If, in the opinion of the auditor, there is a necessity to strengthen our financing structure, we will take appropriate steps,” said CEO Dieter Ammer.
Along with the group of banks, the Conergy Management Board has agreed to assign an auditing company to conduct an independent business review. If the review turns in results showing that follow up financing after December 31, 2011, will not be easily agreed on with adding to the company’s capital basis, the parties will further look into other options for an adjustment on the liabilities side. Conergy and its banks have already agreed that if this becomes the case, the term of credit will be brought to December 21, 2010, assuming that the banks do not waive this right.