Oct 2, 2013 - US-based firm Solar Thin Films Inc (OTCMKTS:SLTZ) said today it had disposed of its entire shareholding in Hungarian company Kraft Rt to GJR Collectibles LLC.
The interest is equal to at least 95.5% of Kraft’s capital stock. Following the sale, about USD 4 million (EUR 3m) of the Hungarian division’s liabilities will no longer be recorded in Solar Thin Films' balance sheet. Thanks to the deal the seller will boost its working capital. In addition, the transaction is seen to enable the company to “move forward on other fronts”, president and CEO James Solano said.
Solar Thin Films is active in the waste-to-energy and solar power sectors, while it also makes shipping containers using the patented fiber reinforced plastics (FRP) technology. The company will reduce its debt with effect from September 27, 2013.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.