Solar Millennium AG : Solar Millennium: insolvency administrator installs new management for US companies

2012-03-26

Erlangen, 26 March 2012 - Solar Millennium's insolvency administrator, Volker Boehm, has initiated a change in the management team of the insolvent Group's US investments. The previous Director, Chairman of the Board of Directors and Chief Executive Officer of Solar Trust of America LLC (STA) Uwe Schmidt was released from his offices with immediate effect. New management structures will be installed both at STA as well as at Solar Millennium Inc. in the near future. Solar Millennium Inc. served Solar Millennium AG to bundle her US American interests, particularly the 70 per cent stake in Solar Trust of America LLC and the Blythe Solar Power Project.

"We will now drive the sale of the US companies under a new management," Böhm stated. "The main objective is to reach the best possible result for the creditors. For this purpose, we consider exploiting all available options."

At the beginning of February, Boehm sold the US business of Solar Millennium AG to Solarhybrid. This averted bankruptcy from Solar Millennium's American interests in the short term. The rapid sale was made possible, as negotiations with Solarhybrid had already started some months before Solar Millennium AG filed for insolvency. However, Solarhybrid itself was forced to file for insolvency a few days ago, before having complied with open contingent contractual conditions. This is why Boehm now took new measures to utilize Solar Millennium's companies in the US. As a matter of precaution, Boehm had already initiated talks with other potential investors as early as in February, which he will now continue.

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