Solar Millennium AG
Solar Millennium AG: insolvency administrator installs new management for US companies
Solar Millennium AG / Key word(s): Insolvency
Corporate News Erlangen, 26 March 2012 – Solar Millennium’s insolvency administrator, Volker Boehm, has initiated a change in the management team of the insolvent Group’s US investments. The previous Director, Chairman of the Board of Directors and Chief Executive Officer of Solar Trust of America LLC (STA) Uwe Schmidt was released from his offices with immediate effect. New management structures will be installed both at STA as well as at Solar Millennium Inc. in the near future. Solar Millennium Inc. served Solar Millennium AG to bundle her US American interests, particularly the 70 per cent stake in Solar Trust of America LLC and the Blythe Solar Power Project. ‘We will now drive the sale of the US companies under a new management,’ Böhm stated. ‘The main objective is to reach the best possible result for the creditors. For this purpose, we consider exploiting all available options.’ At the beginning of February, Boehm sold the US business of Solar Millennium AG to Solarhybrid. This averted bankruptcy from Solar Millennium’s American interests in the short term. The rapid sale was made possible, as negotiations with Solarhybrid had already started some months before Solar Millennium AG filed for insolvency. However, Solarhybrid itself was forced to file for insolvency a few days ago, before having complied with open contingent contractual conditions. This is why Boehm now took new measures to utilize Solar Millennium’s companies in the US. As a matter of precaution, Boehm had already initiated talks with other potential investors as early as in February, which he will now continue. Contact: Solar Millennium AG möller pr This press release constitutes neither an offer to sell nor the solicitation of an offer to buy any securities of Solar Millennium AG. The press release shall not form the basis for investment decisions regarding securities of the company. Any such investment decision of a prospective investor shall be based solely on such prospective investor’s own investigations and assessments. This release contains forward-looking statements. These statements are not a description of past facts, but rather relate to expectations and opinions of Solar Millennium AG. These statements are based on current plans, assessments and forecasts of the company. Investors should not rely on these statements. Forward-looking statements must be understood in the context of the circumstances existing at the time when they were made. The company assumes no obligation to update the forward-looking statements in this release based on new information or future events. Forward-looking statements always involve risks and uncertainty. Due to a multitude of factors, actual events and actual developments may differ significantly from the forward-looking statements contained herein. This press release was originally prepared in German. The translation of this release or parts thereof is considered as a service for journalists, analysts and investors who are not able to understand German. Only the German version is legally binding. End of Corporate News 26.03.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. 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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