German Centrotherm postpones general meeting, fin report due to insolvency
(SeeNews) – Jul 27, 2012 - German Centrotherm Photovoltaics AG (ETR:CTN) announced today it will postpone its general annual meeting and the publication of its financial report for the first half of 2012 due to the ongoing insolvency protection proceedings.
The company said before meeting with shareholders it would need to have a restructuring plan, which is currently under development and will have a significant effect on the company's future performance.
Originally, Centrotherm's annual meeting was scheduled for August 14, 2012 and the release of its half-year figures -- for August 9, 2012. The meeting has now been re-scheduled for the beginning of 2013 and the financial report has been delayed for an unspecified period.
Centrotherm, which employs 1,400 and operates globally in Europe, Asia and the USA, is the second German company to use the new insolvency protection law after Solarwatt AG. A requirement for a company to request insolvency protection is to still be regarded as solvent.
Centrotherm filed for insolvency protection as well as for the launch of insolvency proceedings under own management with the administrative court in Ulm two weeks ago. It now has three months to set-up a plan for its restructuring.