Sunways AG

Preliminary insolvency proceedings have been instituted

Business news for the stock market

Konstanz/Germany (pta015/24.03.2014/14:25) - Dr. Thorsten Schleich appointed preliminary insolvency administrator / Preliminary creditor's committee to be formed soon / Management Board striving for insolvency plan procedure

24 March 2014 - On 21 March 2014, the Konstanz local court instituted preliminary insolvency proceedings following the relevant application filed by the Management Board of Sunways AG (SWW:GR, SWWG.DE, ISIN DE0007332207) due to illiquidity of the company. The proceedings concern the assets of Sunways AG with headquarters in Konstanz and its hundred percent subsidiary, Sunways Production GmbH with registered office in Arnstadt/Germany. For preliminary insolvency administrator, the court has appointed Dr. Thorsten Schleich from the law firm Schleich & Kollegen in Singen am Hohentwiel/Germany. Moreover, a preliminary creditors' committee is to be formed shortly.

"I know the company as I was already once appointed as preliminary insolvency administrator with Sunways. Nevertheless, I have to first get an updated picture of the situation", Dr. Thorsten Schleich explained at the opening of the proceedings during a staff meeting in Konstanz. "Hence, for the moment I can only say this much: I aim to conclude the preliminary insolvency proceedings until the end of April. The wages and salaries of employees for the period from February to April are secured in any case by the insolvency money of the Federal Employment Agency", said Dr. Schleich. Sunways Group currently still employs about 110 people.

"It is our goal to reach an insolvency plan procedure that allows to preserve Sunways as an exchange-listed company", explained Hoong Khoeng Cheong, Chairman of the Management Board/CEO of Sunways AG. Conditions for such a procedure are an agreement with the creditors and a viable restructuring plan, including financial restructuring. "We have already begun discussions with potential investors in this context and will continue these talks," said Hoong Khoeng Cheong.

About Sunways Sunways provides innovative products and solutions for harnessing solar energy (photovoltaics). Alongside high-performance components for standard applications (solar modules and inverters) and complete systems, the company also offers design-oriented solutions for special applications, such as semi-transparent and coloured solar cells for building-integrated photovoltaics. The company headquarters are in Konstanz, at the western end of Lake Constance in Germany. Other locations are Sunways Production GmbH in Arnstadt, Germany and branch offices in Bologna, Italy and Barcelona, Spain. Sunways AG shares (SWW:GR, SWWG.DE) are traded on the Frankfurt Stock Exchange. Since 2012, LDK Solar Group (LDK:US, LDK.N) has held a majority stake in Sunways. http://www.sunways.eu/en