The Dresden District Court upheld the filed today, the request of the SOLARWATT the initiation of a protective umbrella method in possession pursuant to § 270b Insolvency and lawyer Rainer M. Bähr, founding partner of the firm HERMANN lawyers, auditors, appointed tax advisor to interim trustee. He has over 20 years specializing in restructuring and reorganization process.The Board of SOLARWATT now aims together with the renowned restructuring expert Andreas Ziegenhagen, partner in the international law firm Salans LLP, in cooperation with law Rainer M. Bähr as temporary guardian, the restructuring of the company in possession.
The application was preceded by intense discussions, which led the Board of SOLARWATT in recent weeks with the capital to implement a restructuring plan already drawn up to support the growth strategy in the system. As these discussions because of differing views of shareholders on the terms of the necessary capital measures could not be completed successfully, despite unchanged solvency of the company was due to not realizing capital measures of a negative continuation prognosis and thus assumed an indebtedness in bankruptcy law sense.
Shield method offers clear advantages
Compared with an insolvency proceeding has the shield of self-administration procedures in significant differences. An important advantage is that the Board directs the company continues to be responsible and sent a trustee is placed alongside that accompanies the process from the perspective of creditor protection. In addition, the protective screen method, the possibility of the process duration offers in comparison to the control insolvency to shorten considerably.
Detlef Neuhaus, CEO of SOLARWATT was confident: "Under the given conditions, the protective umbrella of the process SOLARWATT provides the flexibility needed for a sustainable restructuring of the company. As soon as our funding is placed on a stable basis, can SOLARWATT use his skills in the areas of solar systems, energy storage technology and innovative solar modules in the interests of all stakeholders of the company better. " Neuhaus added: "In the first half of 2012 our sales in the promising field system is compared with the previous year increased by 120 percent. Thus we have achieved with our highly effective products and solutions far thanks to the commitment of our staff in a difficult market environment, growth above the industry average. This gives us courage for the future. "
Restructuring in possession
The opening of the temporary protective umbrella method in possession pursuant to § 270b, the Insolvency SOLARWATT itself remains fully operational. Restructuring advisor Andreas Ziegenhagen said: "With this procedure, the Board of SOLARWATT the possibilities of the 1st March 2012 revised Insolvency Code with the objective of sustainable redevelopment and will participate fully in line with its creditors, customers, employees and other stakeholders to complete. The method according to § 270b shield Insolvency is considered the friendliest renovation process, the case under German law. "
The operations of SOLARWATT continues unchanged, so that customers receive their products with proven high quality. Customers who opt for products of SOLARWATT able to continue to accept the standard industry warranty claims and warranty claim to be made under an insurance policy at no extra cost solution for customers. Trade receivables as of today are SOLARWATT commissioned goods and services paid regularly. The next three monthly salaries of salaried employees are protected on insolvency of the Federal Employment Agency money.
The Board of SOLARWATT now has until 31 July 2012 period, the District Court of Dresden to submit a detailed restructuring plan to vote on the following examination by the court, the creditors' meeting has. If a positive decision by the creditors' meeting, the shield is released and the process Solarwatt AG could continue their operations as the company reorganized.
The provisional administrator of the SOLARWATT, lawyer Rainer M. Bähr was confident: "I expect that SOLARWATT leverages the capabilities of the newly created legislative process shield for a successful reorganization within the meaning of his creditors, employees and customers."
Expansion of the system core offering is the future strategy
New solar systems, new technologies for electricity storage and innovative new solar panels are the essential elements of the future strategy of the SOLARWATT. The company has already launched two years ago a change of strategy from the solar panel manufacturer to a provider of system solutions. Thus, efficient energy storage is an important step for independent solar power system of the future, because they allow the self-sufficiency of households economically to increase to 70 to 80 percent.
At the beginning today in Munich international solar fair Intersolar SOLARWATT will be introduced as early as January 2013 available first storage technology package that - reaches the targeted level of self-sufficiency with batteries based on lithium iron phosphate - controlled by an intelligent power manager. Furthermore, it extends the range of modules SOLARWATT targeted to system solutions that are geared to the specific conditions of use from residential or industrial areas and ensure an optimal energy yield respectively. SOLARWATT is present in Hall A1, Booth 450 of these and other new products.
