Major PV equipment specialist, centrotherm photovoltaics is expected to successfully exit insolvency proceedings after creditors agreed to plans for reorganisation and recapitalisation.
A majority of around 100 creditors agreed to place 70% of their receivables into an independent administration company. The debt-to-equity swap means creditors own around 80% of the company.
Tobias Hoefer, Management Board member said, “With their decision, creditors and shareholders have allowed centrotherm to successfully complete its reorientation, thereby reopening the way to positive future prospects. If we implement the plan as envisaged, it will comprise an equally beneficial result for shareholders, employees and creditors. For shareholders, millions of euros' worth of value, the stock market listing and the value enhancement potentials of their shares remain. Creditors stand a good chance of realising 100 percent of their receivables, or even more. Last, but not least, all of the currently approximately 1,000 jobs within the centrotherm Group can also be maintained.”
Previously announced management changes are also expected to become effective at the end of January, 2013 according to the company.
COO, Dirk Stenkamp is to leave the company to pursue new opportunities. Dr. Peter Fath, CTO and Dr. Thomas Riegler, CFO will also step down from the Management Board.
Dr. Fath has been given the task of supporting contractual negotiations at what the company described as a “large-scale project in Algeria,” amongst other unidentified roles.
Dr. Thomas Riegler will consult for the company and support work on the debt-to-equity swap, as well as “the optimisation of internal processes and the SAP rollout.”