SOLARWATT AG completely restructured: insolvency procedures repealed
- Restructuring plan legally valid
- Dresden Municipal Court repeals insolvency procedures
- SOLARWATT AG accelerates orientation to system sector with new products in 2012 and 2013
Since Mid-October 2012, the restructuring plan developed by the management of SOLARWATT AG and ratified by Dresden Municipal Court on September 11, 2012, has been legally valid. Since then, Dresden Municipal Court has repealed the insolvency proceedings for SOLARWATT AG. Detlef Neuhaus, CEO of SOLARWATT AG, emphasized: "With the repeal of the insolvency proceedings, the company has successfully overcome the biggest challenge in its almost 20-year history and is now active again on the market as a completely restructured company. Now we can get back to concentrating 100% on our business. Despite everything, the market environment remains extremely demanding.
However, with our focus on comprehensive and decentralized photovoltaic system solutions we can continue to be successful on the market sustainably and above all without any subsidies." Rainer M. Bähr, the creditors' trustee during the proceedings, added: "Thanks to the commitment and cooperation of the employees and creditors, SOLARWATT is now back on solid foundations."
With Stefan Quandt as the anchor shareholder, the company can now look toward the future confidently again. Planned realization of the restructuring measures The measures foreseen in the restructuring plan are now being realized as planned. In addition, the SOLARWATT AG Board of Directors will be reduced at the end of the year: Dr. Frank Schneider and Dr. Ulrich Link will be leaving the company with effect from December 31, 2012.
Their duties will be adopted by Detlef Neuhaus (CEO), Carsten Bovenschen (CFO), and the respective heads of department. Dr. Johannes Fritz, Chairman of the Supervisory Board at SOLARWATT AG, said: "Today, I would already like to thank the co-founder and deserved former Chairman of the Board Dr. Schneider and Dr. Link for their many years of dedication, the technological company and the excellent cooperation in the name of the anchor shareholder, the Supervisory Board, and the entire management as well as all of our employees. I wish both of you the very best for the future."