US Kawa to take over Conergy subsidiaries in two steps
Aug 29, 2013 - Conergy AG (ETR:CGYK), the insolvent German solar equipment maker, said today US investor Kawa Capital Management will take over most of its global sales operations in a two-step deal.
In a first step, Kawa will buy Conergy's sales units in the USA, Canada, Singapore and Thailand effective immediately. Conergy said these operations are to be acquired first because of their high financing requirements caused by the continuously strong order book for the construction of large-scale power plants.
The second phase involves the acquisition of the remaining global subsidiaries and associated administrative functions of Conergy. This step is expected to be finalised by early October the latest.
No financial details were disclosed.
Kawa agreed to take over Conergy's sales operations in July, two weeks after the company filed for insolvency. The operations to be acquired are unaffected by the proceedings and continue operation normally. Conergy is also negotiating with potential investors for its production units, Mounting Systems GmbH and Conergy SolarModule GmbH, which are of no interest to Kawa.