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Founder signs deal to buy SolarWorld AG's assets

Source: SolarWorld Americas Inc. License: All Rights Reserved.

Aug 8 (Renewables Now) - The insolvency administrator of SolarWorld AG (ETR:SWV) has signed a deal today for the sale of the solar module maker’s assets to a firm headed by SolarWorld’s founder -- Frank Asbeck.

Insolvency administrator Horst Piepenburg has agreed a sale of nearly all property, plant and equipment and all inventories and intangible assets of SolarWorld AG, SolarWorld Industries Sachsen GmbH, SolarWorld Innovations GmbH and SolarWorld Industries Thueringen GmbH to newly-registered firm SolarWorld Industries GmbH. The transaction also covers SolarWorld AG’s ownership interest in SolarWorld Africa (Pty) Ltd, SolarWorld Asia Pacific PTE Ltd, SolarWorld France SAS and SolarWorld Japan KK.

The deal will allow for the continuous operation of substantial parts of the solar cell and module production, according to a press release. The purchase price represents mostly the repayment of liabilities that are secured by the creditor's protection rights. SolarWorld stressed in the statement that its existing shareholders will not receive any distributions or other significant assets from the proceeds.

According to the commercial register of the Local Court of Bonn, the buyer, SolarWorld Industries GmbH, lists Frank Heinz Hermann Asbeck as its managing director. Asbeck founded SolarWorld in 1998.

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