Systaic files for insolvency

Systaic files for insolvency

(ADPnews) - Dec 17, 2010 - Troubled German solar energy company Systaic AG (ETR:SJK) this week said it filed for insolvency with a court in Duesseldorf.

Biner Baehr, partner in lawyer firm White & Case, has been appointed as interim insolvency administrator for the company.
Systaic has been experiencing liquidity problems for months. At the end of September, the company had a debt of about EUR 31.7 million (USD 42.3m), of which EUR 25 million were short-term loans.

(EUR 1.0 = USD 1.334)

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Published Dec 17, 2010 14:13 CEST

Author Mariyana Yaneva

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Mariyana Yaneva

Mariyana is a founding member of the Renewables Now team. With nine years of professional experience in renewables she has built strong expertise in the wind industry and French-speaking markets.

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