DGAP-News: S.A.G. Solarstrom AG: Restructuring continues

DGAP-News: S.A.G. Solarstrom AG / Key word(s): Insolvency S.A.G. Solarstrom AG: Restructuring continues according to plan as part of general insolvency proceedings 04.03.2014 / 09:55 --------------------------------------------------------------------- S.A.G. Solarstrom AG: Restructuring continues according to plan as part of general insolvency proceedings - Dr. Jörg Nerlich appointed insolvency administrator - Search for investors and the development of the restructuring concept running according to plan - Closing of the sale of the Jüterbog project underlines company's operational successes Freiburg, March 4, 2014. As expected and as requested by the Executive Board of S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008), the insolvency proceedings of S.A.G. Solarstrom AG were opened as general insolvency proceedings on March 1, 2014. The Local Court of Freiburg has appointed Dr. Jörg Nerlich from the Görg legal office in Cologne, Germany, as the insolvency administrator. Previously, during the institution of insolvency proceedings under self-administration, Dr. Nerlich held the role of provisional trustee, a position that has already seen him work alongside the Executive Board and the provisional creditors' committee to create a restructuring plan. His appointment guarantees that the insolvency proceedings will have a high level of continuity. The restructuring being strived for and the search for investors should enable the company to continue operating with its present structure using the options that general insolvency offers. The closing of the sale of the Jüterbog project, announced by S.A.G. Solarstrom AG on Friday evening, highlights the company's operational successes by proving its ability to implement projects even in difficult situations. "As part of the insolvency proceedings now underway, my role as insolvency administrator will see me continuing to work on the restructuring plan alongside the Executive Board. Over the next few days, the numerous potential investors who have already expressed their considerable interest in S.A.G. Solarstrom AG, will receive the first written information, giving them the opportunity to state more precisely their interest in becoming an investor," explains the insolvency administrator Dr. Jörg Nerlich. Given the course that the proceedings have taken to date, the insolvency administrator, provisional creditors' committee and Executive Board are optimistic that it is possible for the company to continue operating in its existing structure with all of its business areas intact. With the exception of new business in the area of plant construction, the operational side of the business has continued throughout the insolvency proceedings. Whilst banks are not making any finance available for new projects during the insolvency proceedings, current projects are still being completed. It was announced on February 28 that the sale of the Jüterbog project had been concluded. This project formed part of a portfolio of German photovoltaic plants which had already been sold but whose sale could not be concluded due to a component supplier and several service providers becoming insolvent. This, in turn, led to a delay in the cash inflow expected in November and December 2013. "Given S.A.G Solarstrom AG's excellent market position and successes as well as the interest expressed in us to date, we are confident that strategic investors will recognize our potential and take advantage of the opportunity to invest in us. An investment will enable the company to be successfully restructured and continued in line with the conditions mentioned," states Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. "This is our declared common goal. We will work together with our employees to continue supporting Dr. Jörg Nerlich and this process by doing everything within our power. We are delighted that the closing of the sale of the Jüterbog project has demonstrated that we have the operational success needed to achieve our aim," continues Kuhlmann. About S.A.G. Solarstrom AG S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent provider of photovoltaic plants configured to customers' individual needs. The Group constructs plants of all sizes both in Germany and abroad. S.A.G. Solarstrom AG also produces solar energy at its own plants. S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of photovoltaic plants, including forecast and energy services, yield reports, and remote service and maintenance, as well as insurance and financing. The Group thus offers a comprehensive value chain in photovoltaics, from yield reports, planning, construction, operations, and monitoring to optimization, repowering, and deconstruction. S.A.G. Solarstrom AG was founded in 1998. Around 190 specialists work at the four locations in Germany and the foreign subsidiaries. S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock Exchange as well as according to the rules and standards M:access of the Munich Stock Exchange. Further information: www.solarstromag.com Contact: S.A.G. Solarstrom AG Sasbacher Stra�e 5 79111 Freiburg Germany www.solarstromag.com Public Relations / Investor Relations Jutta Lorberg phone: +49-(0)761-4770-311 e-mail: pr@solarstromag.com / ir@solarstromag.com End of Corporate News --------------------------------------------------------------------- 04.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: S.A.G. Solarstrom AG Sasbacher Str. 5 79111 Freiburg Germany Phone: + 49 761 4770 0 Fax: + 49 761 4770 555 E-mail: mail@solarstromag.com Internet: www.solarstromag.com ISIN: DE0007021008, DE000A1E84A4, DE000A1K0K53, WKN: 702100, A1E84A, A1K0K5 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München (m:access), Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 255538 04.03.2014