Court allows Centrotherm's reorganisation under own administration
(SeeNews) – Oct 2, 2012 - Insolvent German solar company Centrotherm Photovoltaics AG (ETR:CTN) said Monday that the district court in Ulm had allowed the company to start reorganisation proceedings under its own administration.
The reorganisation under own administration will also affect the company's subsidiaries Centrotherm Thermal Solutions GmbH and Centrotherm SiTec GmbH, which have been in insolvency protection proceedings since July 12.
The court has appointed Martin Hoermann as administrator for the Centrotherm group and Alexander Reus as administrator for its subsidiaries.
Centrotherm also said it plans to submit its reorganisation plan to the district court in Ulm by October 12, 2012. Its liquidity currently amounts to more than EUR 110 million (USD 142.2m).