aleo solar AG and its majority shareholder, Robert Bosch GmbH, today agreed a waiver of claims in the amount of EUR 25 million and a declaration to subordinate liability in the amount of EUR 50 million. Robert Bosch GmbH had extended short-term shareholder loans under a Group credit facility to aleo solar AG between 19 December 2011 and 19 September 2012, which at 30 September 2012 amounted to EUR 91 million (plus interest not yet paid in the amount of EUR 816 thousand).
Under today’s waiver agreement, Robert Bosch GmbH waived claims against aleo solar AG amounting to EUR 25 million in connection with these loans effective immediately. For the remaining shareholder loan, aleo solar AG and Robert Bosch GmbH today also agreed a declaration to subordinate liability in accordance with Section 19 (2) sentence 2 German Insolvency Code amounting to EUR 50 million.
Given the current tight capital position of aleo solar AG, these measures are intended to relieve the balance sheet of aleo solar AG and improve the company’s capital structure. “This enables us to bypass the current difficult phase,” says York zu Putlitz, CEO and CFO of aleo solar AG. “Our situation is being affected not only by weak demand and falling prices. There are also one-time effects such as those resulting from the closure of the plant in Spain and the termination of the joint venture avim solar. The concentration of our production in the Prenzlau plant was attributed to substantial financial expenses. We will profit from this reorganization of our corporate structure”.
The Company
aleo solar AG produces and distributes premium solar modules and systems for the international photovoltaic market. Since 2009, the Bosch Group has owned a majority of the company (DE000A0JM634), which was originally founded in 2001 and has been listed on the stock exchange since 2006. The premium manufacturer currently has 1,030 employees and is represented in the key photovoltaic markets all over the world. The aleo solar group has an annual production capacity of 280 megawatts at its plant in Prenzlau, Germany. The company generated a turnover of € 462 million in 2011.
