Press release by Solar Millennium´s insolvency administrator: 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 insolvency
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.
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