2012-03-21 Solar Millennium AG

Solar Millennium: the search for investors for the US business continues


Erlangen. There is still chance of a takeover of Solar Millennium's US business by an investor, even after Solarhybrid AG has filed for insolvency. Volker Böhm, the insolvency administrator of the law firm Schultze & Braun had continued investor talks in the past weeks.

At the beginning of February, Solarhybrid AG had signed an acquisition contract for the US shareholdings. However, the acquisition contract was subject to the condition precedent that Solarhybrid AG would release guarantees furnished by Solar Millennium AG in connection with the US projects by 31 March 2012. Solarhybrid had additionally undertaken by contract to finance the American business.

This financing commitment prevented the American shareholdings from filing for in-solvency at the beginning of February. Nevertheless, since it was uncertain whether Solarhybrid would be able to meet all its obligations under the acquisition contract, Böhm had simultaneously pursued talks with other investors to be able to sell the shareholdings to an alternative party, if the contract with Solarhybrid failed.

Investor talks are still underway. Böhm agreed with the interested parties to maintain confidentiality, which is why their names and the status quo of negotiations cannot be disclosed at present.

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

Questions & Answers on the Initiation of Insolvency Filing:
http://www.schubra.de/en/insolvencyadministration/solar_millennium/solar_millennium.php
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
  • 2012-02-28 Solar Millennium: Insolvency proceedings initiated
  • 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