Phoenix Solar Aktiengesellschaft
Phoenix Solar AG is forced to file for insolvency
Phoenix Solar Aktiengesellschaft / Key word(s): Insolvency Phoenix Solar AG is forced to file for insolvency – Phoenix Solar AG is faced with approximately USD 8 million reimbursement claims following a drawdown of project-related letters of credit by a US customer, resulting in the illiquidity of Phoenix Solar AG Sulzemoos, December 8th, 2017 / Following the drawdown of project-related letters of credit in the amount of approximately USD 8 million by a large customer of Phoenix Solar Inc. (the US-subsidiary of Phoenix Solar AG), the parent company Phoenix Solar AG is obligated to reimburse the issuing banks immediately under its existing financing agreements. Such reimbursement claims exceed the financial capabilities of Phoenix Solar AG, thus resulting in the illiquidity of Phoenix Solar AG and forcing the Executive Board to file for insolvency. The Executive Board will, therefore, submit an insolvency filing to the relevant insolvency court in Munich in the course of next week. Attempts by the Company’s management to find a solution with the said US customer and the Company’s banking consortium in Germany have failed. Communicating Person: Dr. Joachim Fleïng About Phoenix Solar AG Contact: Phoenix Solar AG Dr. Joachim Fleing Investor Relations Representative Tel.: +49 (0)8135 938-315 Fax: +49 (0)8135 938-429 j.fleing@phoenixsolar.de www.phoenixsolar-group.com
08-Dec-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Phoenix Solar Aktiengesellschaft |
Hirschbergstraße 4 | |
85254 Sulzemoos near Munich, Germany | |
Germany | |
Phone: | +49 (0)8135-938-000 |
Fax: | +49 (0)8135-938-099 |
E-mail: | kontakt@phoenixsolar.de |
Internet: | www.phoenixsolar-group.com |
ISIN: | DE000A0BVU93 |
WKN: | A0BVU9 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich (m:access), Stuttgart, Tradegate Exchange |
End of Announcement | DGAP News Service |