Sovello waits for court ruling on insolvency proceedings - report
(SeeNews) – Aug 1, 2012 - The district court in the state of Saxony-Anhalt has to decide whether to allow insolvent German solar firm Sovello to continue managing its own insolvency proceedings.
The court is currently examining the report of the preliminary administrator appointed to the Sovello case, a court spokesman told news agency DPA-AFX yesterday.
Sovello filed for insolvency under own management in May this year. In this process the company does not get an insolvency administrator, but a court-appointed expert as an advisor.
The state of Saxony-Anhalt has rejected financial aid to Sovello, which said it needed funds for a transition company for half of its staff. After the state's rejection the firm said it will try to stem the necessary financing itself.
The court now has to decide whether Sovello is ready to carry out its restructuring alone or not. If the decision is negative, standard insolvency proceedings will be initiated and the court will appoint an insolvency administrator. The spokesman could not say when the court's ruling may be expected, DPA-AFX reported.