EANS-News: centrotherm photovoltaics AG files for Chapter 11-type proceedings under its own administration

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Financially Distressed Companies

Blaubeuren (euro adhoc) - - Company to consistently pursue
reorganization path - Reorganization expert Tobias Hoefer appointed
to Management Board to support company's own administration

Blaubeuren, July 10, 2012 - centrotherm photovoltaics AG has today
submitted an application to the relevant District Court of Ulm for
the launching of insolvency protection proceedings (pursuant to the
German Act Relating to the Further Simplification of the
Reorganization of Companies [ESUG], and Section 270b of the German
Insolvency Directive [InsO]), and for the opening of insolvency
proceedings under its own administration in connection with this
application. With the help of these proceedings, the company aims to
consistently pursue the reorganization path that it has already
adopted. The application includes the subsidiaries centrotherm
thermal solutions GmbH & Co. KG and centrotherm SiTec GmbH. The
activities of the companies centrotherm management services GmbH &
Co. KG and centrotherm cell & module GmbH are to be prospectively
bundled within the parent company as part of the reorganization. All
other subsidiaries both in Germany and abroad will continue to
operate as previously, and will not participate in the insolvency
protection proceedings.

The German Act Relating to the Further Simplification of the
Reorganization of Companies (ESUG), an instrument to provide
protection to companies in insolvency proceedings, and an act which
did not come into force until March 1, 2012, allows companies to
restructure themselves based on a coordinated reorganization and
future concept. During the "protective" phase, which is limited to
three months, the company is largely protected from creditors'
enforcements and sanctions, and can remain fully operational.

The Management and Supervisory boards of centrotherm photovoltaics AG
are convinced that this step is the best option in the company's
current difficult situation to successfully conclude the Group's
reorganization (which has already started), in the interests of
employees, customers, suppliers, shareholders and creditors, and to
thereby secure the Group as a going concern.

To support these moves, the Supervisory Board of centrotherm
photovoltaics AG has appointed reorganization expert Tobias Hoefer to
the Management Board with effect as of July 11, 2012. Tobias Hoefer,
a specialist insolvency lawyer, specializes in highly complex
corporate reorganizations. His most notable reorganizations include
internationally operating groups AKsys and Robert Sihn (automotive
supply companies), ATS (rim manufacturer), and NDT Systems & Services
(ultrasound testing systems).

Protection proceedings create scope for sustainable future concept
"Given the insolvency protection proceedings, I see my new role as
being a moderator of the interests of all parties involved in the
proceedings. The joint objective of all these parties must be to
maintain centrotherm as a company despite the serious market slump,
and to lead it to a successful future. All will benefit if we succeed
in this endeavor. The insolvency protection proceedings offer the
best opportunities to achieve this, and I believe that my more than
15 years of experience as a corporate reorganizer, and as an
insolvency administrator, can be of use in the necessary settlement
of interests," Tobias Hoefer underscored.

Business operations continue as usual Business operations at
centrotherm photovoltaics AG and the other Group companies are
currently continuing as usual. "Our customers continue to receive the
same first-class quality engineering and services, technology and
products from centrotherm to which they are accustomed," emphasizes
CEO Robert M. Hartung.

"The protection provided by the ESUG creates the necessary scope to
realize a balanced and sustainable future concept that lies in the
interests of all participants in the proceedings. At the same time,
centrotherm photovoltaics AG continues to be able to manage its
operations itself. Since we remain solvent, we can both process
customer orders to schedule, and also pay our suppliers," notes
Robert M. Hartung. Liabilities that were originated before the
application for the insolvency protection proceedings was filed
cannot be satisfied during the protection proceedings, however. They
are nevertheless to be satisfied as best as possible as part of the
reorganization concept coordinated with creditors.

Core elements of the reorganization of the centrotherm photovoltaics
Group Concentration on technological strengths and core business
areas, such as mechanical engineering for the energy and high-tech
industry areas, are to form the cornerstones of the future concept
which is to be elaborated further over the coming weeks. "We were,
and are, world market leaders in thermal equipment and related
technologies. We must, and will, invest further in this expertise, in
order to maintain our technological and competitive league," as
Robert M. Hartung made clear.

He went on to note that, with its products, centrotherm can be a
technology and efficiency motor for the global energy revolution, and
realize so-called grid parity, in other words, make photovoltaic
electricity competitive with conventional energy sources. For this
reason, centrotherm photovoltaics is experiencing high demand,
particularly on new markets such as the MENA region (Middle East and
North Africa). He commented that this development offers great
potentials for the future. By contrast with its previous approach,
the company would nevertheless now contribute only its expertise and
products as a technology partner in major projects when tapping such
potentials, in order to thereby limit risks, according to Robert M.
Hartung.

Further capacity adjustments and cost reductions are required,
however, given the slump in the solar industry over recent months,
and the resultant decline in orders and sales. "We require further
structural adjustments in order to secure our company's continued
existence in the future. This will allow us to maintain centrotherm's
competitiveness in a difficult market situation," emphasized Jan von
Schuckmann, Management Board member responsible for restructuring.
"In parallel, we will continue to invest in research & development,
and extend our extraordinary market position."

About centrotherm photovoltaics AG centrotherm photovoltaics AG,
which is based at Blaubeuren, Germany, is a globally leading
technology and equipment provider for the photovoltaics sector. The
company equips well-known solar companies and new sector entrants
with turnkey production lines and single equipment to manufacture
silicon, and crystalline solar cells and modules. As a consequence,
the Group possesses a broad and well-founded technological basis, as
well as key equipment at practically all steps of the photovoltaics
value chain. centrotherm photovoltaics guarantees its customers
important performance parameters such as production capacity,
efficiencies, and completion deadlines. The Group employed around
1,900 staff as of the December 31, 2011 reporting date, and operates
globally in Europe, Asia and the USA. centrotherm photovoltaics
achieved revenue in the 2011 financial year of around EUR 700
million. The company is listed in the Prime Standard on the Frankfurt
Stock Exchange.

Further inquiry note:
Contact:
Saskia Feil
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
E-mail: saskia.feil@centrotherm.de

Nathalie Albrecht
Manager Public Relations
Tel: +49 7344 918-6304
E-mail: nathalie.albrecht@centrotherm.de

end of announcement euro adhoc
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company: centrotherm photovoltaics AG
Johannes-Schmid-Str. 8
D-89143 Blaubeuren
phone: +49 (0) 7344 91880
mail: info@centrotherm.de
WWW: http://www.centrotherm.de
sector: Energy
ISIN: DE000A0JMMN2
indexes: Prime All Share, GEX, ÖkoDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English