Sunways AG

Insolvency administrator takes initial stock - Seite 2

The City of Konstanz was relieved by the results of the insolvency proceedings at the head office of Sunways and the place where it was founded. "Despite difficult times, with its support for the solar industry Konstanz has prioritized the right technology for the future," commented Friedhelm Schaal of the Municipal Business Promotion Agency discussing events and believes the latest developments at Sunways AG bear him out. "Even if not all the jobs here have been saved, the industry is consolidating and will remain a focal point of the Konstanz business community," Schaal continued.

Given the heterogenenous structure of the Konstanz economy, with its many small sectors, risks are diversified in times of crisis. "For us, difficult conditions have always created opportunities, which we would otherwise not have had in that way. What makes Konstanz a forward-looking economic hub is its ability to exploit such chances," Schaal emphasizes. Alongside various solar technology companies, the regional "Solarlake Konstanz" network also includes the University of Konstanz, the International Solar Energy Research Center Konstanz and the Konstanz University of Applied Sciences.

Dr. Thorsten Schleich cannot at present comment on the possible compensation ratio for the creditors of Sunways AG: "We are still assessing the recoverability of existing claims against the majority shareholder, LDK Solar Co., Ltd." For Sunways AG shareholders, however, there is no prospect at all of receiving a repayment of their investment after completion of the insolvency proceedings.

Photovoltaics specialist Sunways, founded by persons associated with the University of Konstanz, is one of the pioneers of the German PV industry. In 1993, the founder Roland Burkhardt went independent at Technologiezentrum Konstanz. As early as 1996 the company introduced the first solar inverters and then started producing its own solar cells. In 2001 the company went public. The subsidiary in Arnstadt is a production plant and went into operation in 2005. In peak periods the Sunways Group posted annual sales of EUR 223 million and had a payroll of some 350 employees.

With its resolutions of 28 April and 1 May 2014, the Konstanz local court opened insolvency proceedings concerning the assets of Sunways AG and its wholly owned subsidiary, Sunways Production GmbH. In both cases Dr. Thorsten Schleich was appointed as the insolvency administrator. For additional information on Sunways AG, Sunways Production GmbH and the ongoing insolvency proceedings please see: http://www.sunways.eu/en

Schleich & Kollegen is a law firm specializing in insolvency proceedings. For details, please visit: http://www.schleich-kollegen.de

For details on the Suntech corporation and the Shunfeng Group please click: http://www.suntech-power.com and http://www.sf-pv.com

The City of Konstanz homepage is at http://www.konstanz.de

For further information on the Solarlake Konstanz network please visit: http://www.solarlake-konstanz.de



(end)

emitter: Sunways AG address: Max-Stromeyer-Straße 160, 78467 Konstanz country: Germany contact person: Dr. Harald F. Schaefer, inrelon Corporate & Financial Communications phone: [phone] e-mail: [e-mail] website: www.sunways.eu/en

ISIN(s): DE0007332207 (share) stock exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Hamburg; open market in Dusseldorf, Berlin

[ source: http://www.pressetext.com/news/20140618010 ]