News 2008
Adhoc-Message as per ยง 15 WpHG
Silicium de Provence S.A. (SilPro), an indirect investment of SOLON SE, files for judicial settlement proceedings (redressement judiciaire)
Berlin, April 7, 2009. Today the competent French commercial court ordered the filing for judicial settlement proceedings (redressement judiciaire) for Silicium de Provence S.A. (SilPro), in which SOLON SE has an indirect investment via SOL Holding AG, a joint venture. The procedure is comparable to Chapter 11 in the U.S. SilPro will thus be given a period of two months to arrive at a viable solution with various potential creditors. The company, which was founded in 2006, was unable to find further funding due to the current financial crisis, resulting in the necessity of this measure. SilPro, headquartered in Saint Auban, France, was established for the purpose of producing polysilicon. It was planned for the installations, which are still under construction, to start production in 2011.
SOLON SE is impacted via its 48-percent stake in SOL Holding AG, which in turn holds 70 percent of SilPro. The second shareholder in SOL Holding is the Dutch group Econcern with a 52-percent stake. Other shareholders in SilPro are Photon Power Industries (PPI), which has a stake of 30 percent, and EDF Energies Nouvelles, holding an indirect stake of 12.8 percent via PPI. For SOLON SE, this measure will result in a possible impairment loss of EUR 40 million recognized in investment income.
SOLON SE
Therese Raatz
Investor Relations
Telefon: 030 / 818 79 - 9305
Telefax: 030 / 818 79 - 9999
E-Mail: investor@solonag.com
