Meeting of creditors votes in favor of restructuring plan and paves the way for a new future
- The local district court in Dresden officially recognizes the plan following the favorable vote of the creditors
- Successful restructuring offers prospects for a sustainable future
- Injection of fresh capital from the new anchor investor Stefan Quandt
- Future product mix will focus on system solutions
At today's assembly, SOLARWATT AG's creditors voted in favor of the reorganization plan put forth by SOLARWATT and restructuring experts from Salans LLP. Following the vote, the local district court in Dresden officially confirmed the reorganization plan. The company, which will be celebrating its 20th anniversary next year, has thus reached the most important milestone in the insolvency proceedings that have been ongoing since June 13, 2012. The reorganization plan includes substantial restructuring contributions from all SOLARWATT AG creditors.
Detlef Neuhaus, the CEO of SOLARWARTT AG, expressed his thanks to the creditors: "With this decision, SOLARWATT AG's creditors have paved the way for the continued existence and sustainable reorganization of one of the pioneering companies in the German solar industry. As soon as the official legal confirmation of the plan takes effect, SOLARWATT and its 337 employees in Dresden can forge ahead with solid prospects for a sustainable future as a fully restructured company whose primary focus lies in the rapidly growing business of system solutions. We would also like to thank our customers who have shown their loyalty to SOLARWATT AG, its products, and our highly motivated team over the past few difficult months."
Neuhaus added: "We're glad that we will still be able to offer our customers innovative products for individualized energy solutions "Made in Germany" in the future. Before the year is out, we will be launching new products in the area of system solutions. We still have big plans and after the approval of our reorganization plan today, we are more convinced than ever that we can make a valuable contribution to the shift toward renewable energy sources and to upholding Germany's place as a leader in technology. Even though the solar industry is currently facing a challenging consolidation phase, the energy supply of the future is renewable and decentralized - and this fact reaffirms that SOLARWATT is indeed headed in the right direction."