2012-02-28 Solar Millennium AG

Solar Millennium: Insolvency proceedings initiated

Erlangen. Today, the insolvency proceedings for Solar Millennium AG were initiated. The competent court, the Amtsgericht [Local Court] in Fürth, appointed Volker Böhm, a lawyer from the law firm Schultze & Braun in Nuremberg, as insolvency administrator. He had previously already acted as interim insolvency administrator for the Company. Upon the initiation of the insolvency proceedings, the power of administration and disposal for Solar Millennium AG passes over to the insolvency administrator.

After the insolvency proceedings commence, Böhm will continue to search for investors. The best opportunities for takeover by an investor exist for the Flagsol GmbH project subsidiary based in Cologne and a few of the Spanish projects, particularly the Arenales project. Whether the takeover of Solar Millennium as a whole is still feasible, is not foreseeable as yet. Therefore, Solar Millennium AG's staff of about 40 employees received a notice of termination today.

Following the initiation of the insolvency proceedings, creditors may now assert their claims with the insolvency administrator. Creditors, who are known to the insolvency administrator, will be sent the documents required for filing their claim; creditors, who are not known to the insolvency administrator, can obtain the required information on the www.schubra.de website. The creditors' meeting for some 16,000 bond creditors is scheduled to take place on 15 May 2012. Invitations will be sent out shortly. In addition, the competent Amtsgericht [Local Court] appointed a creditors' committee of inspection. Bond creditors will be represented in this committee by Klaus Nieding of the Deutsche Schutzvereinigung für Wertpapierbesitz [German association for private investors].

In the meantime, Böhm is continuing to examine whether there are any liability claims. Böhm will, in particular, investigate whether Solar Millennium AG's investments in the USA totalling some EUR 80 million justify liability claims against the responsible persons. It is part of an insolvency administrator's responsibilities to investigate whether claims for damages are justified and to assert these in the interest of the creditors. However, in the case of Solar Millennium AG with its complicated structure of subsidiaries and shareholdings, this will take its time.

Press contact
Mail: Presse@schubra.de, Phone: +49 179 1009080

Questions & Answers on the Initiation of Insolvency Filing:

Additional information:
  • 2013-03-14 Additional Millions for Solar Millennium Creditors
  • 2012-11-20 Continuation of Arenales solar power plant project secured
  • 2012-07-12 Solar Millennium: Insolvency administrator sells Andasol shares
  • 2012-07-06 Solar Millennium AG: Insolvency administrator sells Flagsol stake to Ferrostaal
  • 2012-03-26 Solar Millennium: insolvency administrator installs new management for US companies
  • 2012-03-21 Solar Millennium: the search for investors for the US business continues
  • 2012-02-03 Solar Millennium: Investor acquires US project business
  • 2012-01-05 Solar Millennium: Selling process has started
Schultze & Braun Rechtsanwaltsgesellschaft für Insolvenzverwaltung mbH
http://www.schubra.de, Email: mail@schubra.de