Insolvent German PV project developer, S.A.G. Solarstrom, has said it is seeking new investors as part of its restructuring plan will officially open insolvency proceedings on 1 March 2014.
The job of searching for investors has been placed in the hands of the international strategy consultancy, Roland Berger Strategy Consultants.
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The company also noted that as part of the self-administered insolvency proceedings, a restructuring plan would be presented to the courts at the beginning of March.
“The course of action so far has been proceeding as planned and is altogether characterized by very constructive cooperation between the Executive Board and the temporary creditor committee” said, temporary trustee Dr. Jörg Nerlich. “I thus assume that the restructuring plan can be established with the agreement of all those involved”.
“Our common goal is the continued operation of the company, if possible with its present structure,” added Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom. “Our four pillar business model has basically proven to be successful. However, plant construction requires substantial funding. For an investor, S.A.G. Solarstrom AG’s business areas offer attractive options in the long-term.”
Solarstrom filed for insolvency in December following cashflow and creditor difficulties, which were exacerbated by a pipeline of UK PV projects being cancelled.
