centrotherm photovoltaics AG: scope for financial maneuver restricted
– Due to the continued poor market environment, and the resultant strained financing situation, merchandise credit insurance companies have today informed centrotherm photovoltaics AG that they will no longer insure merchandise deliveries to the centrotherm photovoltaics Group.
June 18, 2012. By News Bureau
Based on this information, the Management Board anticipates a negative liquidity effect in a low double-digit amount in millions of euros.
In coordination with its banks, centrotherm photovoltaics AG has mandated a renowned management consultancy company to prepare a reorganization report that is to form the basis for further discussions with banks to secure the Group's financing. Until further notice, open credit and guarantee lines can no longer be utilized given current financing discussions with banks.
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