centrotherm photovoltaics AG said it has submitted an application to the relevant District Court of Ulm for the launching of insolvency protection proceedings , and for the opening of insolvency proceedings under its own administration in connection with this application.
The company said that 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 company said, to support these moves, that its Supervisory Board has appointed reorganization expert and specialist insolvency lawyer Tobias Hoefer to the Management Board with effect as of July 11, 2012.