EANS-News: Creditors vote on the restructuring plan of centrotherm photovoltaics AG on January 29

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Company Information

Blaubeuren (euro adhoc) - January 10, 2013 - The insolvency
proceedings for restructuring centrotherm photovoltaics AG are
entering a decisive phase. The responsible county court in Ulm has
laid down the insolvency plan after completing its examination, and
it is therefore also now available for viewing for the parties
involved in the proceedings. In addition, the court has set January
29, 2013 as the date for discussing and voting on the insolvency
plan. Following the approval of the creditors and confirmation from
the insolvency court, the insolvency proceedings could be terminated
and centrotherm photovoltaics AG could then operate again on a solid
financial basis on the market as a restructured company and on a
fully independent basis.

On the back of the successful implementation of the planned
restructuring of the company, a turnaround could be expected for
2014. centrotherm photovoltaics AG could then prospectively once
again reach a value with which the claims of its creditors can very
likely be largely or possibly completely satisfied, according to the
insolvency plan.

The basis for this is the already far advanced strategic, structural
and operating realignment of the centrotherm Group. As part of this,
the centrotherm Group will concentrate in future on its core business
of production technology for thermal surface processes in the
photovoltaics industry with a focus on solar cells. As a second line
of business, the semiconductor division should be further boosted and
expanded, as this offers long-term revenue potential of EUR 100-150
million. This area can be built up based on the existing
semiconductor business with competitive products, particularly in the
field of power semiconductors and the business of the subsidiary FHR
Anlagenbau GmbH.

The structure of the centrotherm Group with functions distributed
across various companies and sites has already been made
substantially more streamlined, cost-effective and efficient as all
functions are now pooled at the Blaubeuren site within centrotherm
photovoltaics AG. In addition, secondary activities not required for
the future competitiveness of the centrotherm Group have been sold or
discontinued in order to achieve cost savings.

The insolvency plan now laid down for centrotherm photovoltaics AG -
as already published via ad hoc release on October 24, 2012 -
provides for the company to continue business while maintaining its
stock exchange listing and strengthen its capital structure by
converting the claims of the unsecured creditors into shares in the
company. This is aimed at striking a balance between the interests of
the shareholders and the company with regards to its continued
existence and capital market access, and best possibly satisfying the
creditors' claims.

Therefore, the creditors should transfer 70% of their insolvency
claims to an independent administration company. This company will
collect the claims in centrotherm photovoltaics AG transferred to it
and therefore become shareholder of the debtor. The insolvency claims
collected expire, which in turn leaves centrotherm photovoltaics AG
largely debt-free. In return for the collection of claims, the
administration company will acquire shares in the debtor. This takes
place as part of a combined capital reduction and capital increase.

The plan is for the administration company to acquire 80% of the
shares, with the other 20% remaining with the existing shareholders
of the debtor, whose share portfolios will be pooled together at a
ratio of five to one, in other words five shares become one. The
administration company has an obligation to the insolvency creditors
to purchase the shares, retain them and utilize them in the best
possible way preferably by 31.12.2015 and satisfy the creditors using
the proceeds.

Insolvency plan offers advantages for all involved parties

This process allows stock market access to be preserved so that the
administration company can, with the agreement of the committee of
creditors, sell the shares it holds on the stock exchange or to an
individual investor or a group of investors. Depending on the returns
achieved, it is possible that insolvency creditors could in this way
have their original insolvency claims completely satisfied or even
exceeded.

Compared to alternative procedures, this insolvency plan therefore
offers a range of advantages. It is not only the fact that the
prospect of creditors' claims being satisfied is greater, the plan
also saves on costs and would lead to an earlier payout for
creditors.

"In any case, no creditor or shareholder of the debtor is any worse
off than would be the case from the liquidation of assets in a
standard liquidation procedure. The insolvency plan also enables the
continued existence of the company, which in turn preserves the
greatest possible number of jobs," emphasizes Management Board member
responsible for the self-administration Tobias Hoefer.

In addition, the insolvency plan contains a range of provisions that
are intended to ensure successful implementation as far as possible.
This includes the fulfillment of the insolvency plan being monitored
by the court-appointed administrator Prof. Dr. Martin Hörmann. The
committee of creditors should also continue to exist and in
particular monitor the utilization of the shares by the
administration company.

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 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 AG is currently listed in the Prime
Standard on the Frankfurt Stock Exchange, but is due to switch to the
General Standard of the Regulated Market as of March 1.

Further inquiry note:
Kontakt:
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