Dr. Jan Withag resigns from his position as Chairman of the Management Board taking effect on 8 March 2012
Erlangen, 05 March 2012 – Following last week’s initiation of insolvency proceedings for Solar Millennium AG by the local Court of Fürth, the chairman of Solar Millennium’s management board, Dr. Jan Withag, announced last Friday his resignation from all his offices taking effect on 8 March 2012.
This includes the resignation from his position as chairman of the management board of Solar Millennium AG as well as from the board of Solar Trust of America LLC and from the advisory board of Flagsol GmbH. Dr. Withag also resigns from his management roles at SMAGSOL GmbH, Solar Millennium Verwaltungs GmbH, Solanda GmbH, Solar Millennium Beteiligungs GmbH, SM USA 1 GmbH as well as from his post as director of Solar Millennium Inc.
Dr. Withag explained his decision as follows: “Since the insolvency proceedings have been initiated and the right to manage and transfer has been vested in the insolvency administrator, the opportunities for action left to me are limited. Time has therefore come for me to transfer the management of the Group and my offices at the subsidiaries to the insolvency administrator.” Dr. Withag illustrated further: “It is not easy for me to leave my office at Solar Millennium. I can understand investors and employees are disappointed. The employees in particular have time and again invested incredible amounts of energy into the company over recent years. I sincerely hope my colleague on the management board, Mr Beltle, as well as the insolvency administrator, will have much success with meeting upcoming challenges, and I will continue to support them to the best of my ability, even after my resignation from office.”
At the same time, the search for investors for the Group is continued. The insolvency administrator sees chances for a takeover of subsidiary Flagsol GmbH in Cologne as well as for some Spanish power plant projects, especially for Arenales. There is also some investor interest in a complete takeover of the Solar Millennium AG Group. However, prospects for the success of this are highly uncertain.
About Solar Millennium AG:
Solar Millennium AG (ISIN DE0007218406), Erlangen, is a company that operates globally in the renewable energy sector, with its main focus on solar power plants. Together with its subsidiaries and associates, the Company specializes in solar-thermal power plants, particularly parabolic trough plants.
The Company covers all important business sectors along the value chain
for solar power plants: from project development and financing to technology
and the turnkey construction and operation of power plants. Solar Millennium
realized Europe’s first parabolic trough power plants in Spain as well as the
first modern parabolic trough solar field in Egypt.
Solar Millennium AG
Corporate Communications: presse@SolarMillennium.de
Phone: +49 (0)9131 9409-0
Mail: Presse@schubra.de, Phone: +49 (0)179 1009080