Centrosolar Group AG
CENTROSOLAR accelerates efforts to reorganise through protective shield proceedings while retaining control – provisional results for third quarter
Centrosolar Group AG / Key word(s): Restructure of Company/Quarter Results
Munich, October 18, 2013 – The Management Board of the group holding company, CENTROSOLAR Group AG, as well as the management boards and directors of the individual companies CENTROSOLAR AG and CENTROSOLAR Sonnenstromfabrik GmbH have taken the decision to accelerate their efforts to reorganise the operations of the CENTROSOLAR Group. To that end the relevant officers have applied to the Local Court of Hamburg, the court responsible in this instance, for the opening of protective shield proceedings which will enable them to retain control.
‘Over the past few months we have been working very hard to clear the debt and reconstruct CENTROSOLAR’s balance sheet through continuing operations. Our financiers, employees and business partners have supported us in this,’ commented the CEO of CENTROSOLAR Group AG, Dr Alexander Kirsch. However the basis for the restructuring of operations that was announced in parallel was an improvement in the market conditions specifically from CENTROSOLAR’s perspective, following the shedding of overcapacity in the market. The introduction of anti-dumping regulations by the EU in the course of this summer is likewise expected to provide a positive impetus. ‘But the recovery is happening later than originally expected. That is why we have reached the conclusion that we need to accelerate and promote the reorganisation of individual group companies by making use of protective shield proceedings, along with the broader scope this approach offers,’ added Dr Kirsch.
For further information, visit: www.centrosolar-group.com. End of Corporate News 18.10.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Centrosolar Group AG | |
Walter-Gropius-Str. 15 | ||
80807 München | ||
Germany | ||
Phone: | +49 (0)89 20 1800 | |
Fax: | +49 (0)89 20 180 555 | |
E-mail: | info@centrosolar.com | |
Internet: | http://www.centrosolar-group.de | |
ISIN: | DE000A1TNS13, DE000A1E85T1, | |
WKN: | A1TNS1, A1E85T, | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart | |
End of News | DGAP News-Service |
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