Solar Millennium AG
Solar Millennium AG: Solar Millennium’s US investments filed for Chapter 11
Solar Millennium AG / Key word(s): Miscellaneous
Corporate News Erlangen, 2 April 2012 – Today, Solar Millennium’s US subsidiaries and investment filed for Chapter 11 insolvency proceedings in a concerted action. Insolvency proceedings pursuant to Chapter 11 of the US Bankruptcy Code provide a legal framework for structured reorganization and restructuring measures. During the proceedings, Chapter 11 furthermore prevents the access of creditors to the assets of the US subsidiaries. By initiating Chapter 11 proceedings, Solar Millennium AG’s insolvency administrator intends to allow for a structured sales process of the US-American projects. Following solarhybrid AG’s insolvency application, regular financing of the US companies was no longer secured. ‘Chapter 11 proceedings ensure, that interested parties can enquire about the projects and make offers in the course of a public tendering procedure’, Böhm emphasizes. The main objective still is to make best use of the US projects to the creditors’ benefit. A sale of the US investments in particular would open up good prospects for a cash guarantee furnished by Solar Millennium in the million dollar range to add back to the Company’s assets. Böhm had already arranged for the previous management of the US business to be replaced in preparation for Chapter 11 last week and installed US-based restructuring expert Ned Kleinschmidt. 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 02.04.2012 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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