Due to the continued poor market environment,and the resultant strained financing situation,merchandise credit insurance companies have informed Centrotherm,a Germany-based solar equipment firm,that they will no longer insure merchandise deliveries to the Centrotherm Photovoltaics Group.Based on this information,the firm's management board anticipates a negative liquidity effect in a low double-digit amount in millions of Euros,according to a company statement.
In coordination with its banks,the firm has mandated a management consultancy company to prepare a reorganization report that is to form the basis for further discussions with banks to secure the firm's financing.Until further notice,open credit and guarantee lines can no longer be utilized given current financing discussions with banks,said Centrotherm.
