Centrotherm sells subsidiary as part of restructuring
Sep 5, 2012 - Insolvent German solar company Centrotherm Photovoltaics AG (ETR:CTN) said today it had disposed of its unit Michael Glatt Maschinenbau GmbH as part of the company's revamp.
Michael Glatt Maschinenbau GmbH, which is a 100%-owned subsidiary of Centrotherm SiTec GmbH, was sold to Bueechl Handels- und Beteiligungs-KG for an undisclosed amount.
Centrotherm filed for insolvency protection as well as for the launch of insolvency proceedings under own management with the administrative court in Ulm in the middle of July. The company now aims to focus on its core business.