Solar Millennium AG
Solar Millennium AG files for opening of insolvency proceedings
Solar Millennium AG / Key word(s): Insolvency 21.12.2011 15:10 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Solar Millennium AG files for opening of insolvency proceedings Erlangen, 21.12.2011 - Today, Solar Millennium AG (ISIN DE0007218406), Erlangen/Germany, has filed for the opening of insolvency proceedings at the district court in Fuerth/Germany. Already since September, the Company has been in a very advanced state of negotiations on the sale of its US pipeline. Agreement exists to a large extend on this transaction; substantial contracts have already been signed. However, certain conditions for the effectiveness of the agreements have not yet been met. A binding confirmation on the amount and time of the cash flows could not be obtained until last. In addition, intensive negotiations with investors on the entrance into the project Ibersol could not be finalised. Both transactions would have generated funds beyond the current need for liquidity which would have laid the foundation for a further development of the Company. The Management Board and the Supervisory Board deeply regret this development. In their effort to save existing assets for the shareholders and the creditors of the Company, the Company Bodies felt impelled to take this step. Contact: Solar Millennium AG Corporate Communications presse@solarmillennium.de Investor Relations investor@solarmillennium.de Tel.: +49 (0)9131 9409-0 Web: www.solarmillennium.com 21.12.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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