Stefan Quandt, BMW board member and one of the richest people in the world, according to the Forbes list of billionaires, will become the majority owner of German-based PV module manufacturer, Solarwatt, which is currently in insolvency proceedings since mid-June.

After a meeting with creditors that agreed a restructuring plan, Quandt will hold 94% of the capital in Solarwatt via his holding company AQTON SE.

However, unsubordinated, unsecured creditors in the insolvency, which includes suppliers and bondholders, would only receive 16% of their registered and verified outstanding claims. A further potential payment shared out in February, 2015 would be worth up to €1.5 million.

“As soon as the official legal confirmation of the plan takes effect, Solarwatt and its 337 employees in Dresden can forge ahead with solid prospects for a sustainable future as a fully restructured company whose primary focus lies in the rapidly growing business of system solutions,” commented Detlef Neuhaus, CEO of Solarwatt. “We’re glad that we will still be able to offer our customers innovative products for individualized energy solutions ‘Made in Germany’ in the future. Before the year is out, we will be launching new products in the area of system solutions.”

Solarwatt said that the local district court in Dresden had officially recognized the plan following the vote of the creditors. The company has a module production capacity to 300MWp.