17/07/2013

Self-administered insolvency proceeding closed as of July 1st 2013

Restructuring in protection proceedings of Solarion AG successfully
completed

After Solarion applied for insolvency as part of protection proceedings on Feb 27th 2013 and the court opened proceedings under Solarion’s own administration on April 30th, the company’s creditors have unanimously approved Solarion’s bankruptcy plan on June 7th 2013. The Leipzig District Court has terminated the insolvency proceedings with effect as of end of July 1st. Solarion has thus successfully undergone its restructuring within a mere four months.

As part of the restructuring, the cooperation with the shareholder Ally Energy has been terminated. The reason for the separation from Ally Energy and the withdrawal of its shares was due to different opinion about technological as well as strategic development of the company. The other shareholders of Solarion are still stakeholders of the company and have contributed to the companie’s restructuring efforts with a capital increase. The successful closing of the restructuring process of Solarion is the basis for the further development of the company.

"Solarion AG can now continue its business on a stable basis" stated CEO Dr. Karsten Otte. "With the positive decision and trust of the creditors, the course for a successful restructuring of the company was made. We will now apply all of our efforts to successfully launching our unique and innovative products.” added Otte.

Source: Solarion