EANS-News: centrotherm photovoltaics AG can proceed with reorganization in insolvency protection proceedings under own administration

--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------

Company Information

Blaubeuren (euro adhoc) - - District Court of Ulm approves
application, and appoints legal firm anchor as provisional
administrators - Additional authorization ensures suppliers that
services rendered from now on will be paid for

Blaubeuren/Ulm, July 12, 2012 - The District Court of Ulm has today
approved the application submitted by centrotherm photovoltaics AG to
initiate insolvency protection proceedings under its own
administration (pursuant to the German Act Relating to the Further
Simplification of the Reorganization of Companies [ESUG], and Section
of the German Insolvency Directive [InsO]). This ruling now leaves
the way free for the company to consistently pursue the
reorganization program that it has launched. The District Court of
Ulm has also now authorized the company's own administration to
utilize all performance required to continue to operate the company,
and to settle all such performance as debts of the insolvency estate.
This step makes it easier to seamlessly continue business operations
as part of the insolvency protection proceedings. At the same time,
suppliers are now assured that the services and goods that they
render and supply from now on will be paid for.

First step towards centrotherm's future "This court ruling represents
the first step towards centrotherm's future. We are now working hard
on the next steps", commented the centrotherm Management Board member
who is responsible at the company for the administration proceedings,
Tobias Hoefer, a reorganization expert. The court has appointed
lawyer Prof. Dr. Martin Hörmann from the Ulm office of the Anchor
legal firm as the provisional administrator of centrotherm
photovoltaics AG, who will monitor compliance with the reorganization
plan and the insolvency protection proceedings in creditors'
interests. Prof. Dr. Hörmann is an expert in the area of insolvency
and company law, and is renowned as a mediator and insolvency
administrator.

"Our first impression is very positive, and the insolvency protection
proceedings have been well prepared at the company. On the basis of
our joint efforts, we will undertake everything to bring this
promising reorganisation to a good conclusion," commented Prof. Dr.
Martin Hörmann.

The German Act Relating to the Further Simplification of the
Reorganization of Companies (ESUG), an instrument to provide
protection to companies in insolvency proceedings, and an act which
did not come into force until March 1, 2012, allows companies to
restructure themselves based on a coordinated reorganization and
future concept. According to this act, liabilities that were
originated before the application for the insolvency protection
proceedings was filed cannot be satisfied during the protection
proceedings, however. They are nevertheless to be satisfied as best
as possible as part of the reorganization concept coordinated with
creditors.

Step makes it easier to seamlessly continue business operations On
this basis, business operations at centrotherm photovoltaics AG and
other Group companies can currently continue as usual. "We remain
active on the market. Our customers continue to receive the same
first-class quality engineering and services, technology and products
from centrotherm to which they are accustomed," emphasized CEO Robert
M. Hartung. "Their orders are being processed to schedule." There is
also currently no change for the around 1,400 centrotherm Group
employees (of whom approximately 500 are employed in companies
included in the insolvency protection proceedings). "All employment
contracts continue unchanged with their resultant rights and
obligations," Hartung commented yesterday at a meeting with
employees.

The company is already working on a reorganization and future concept
with the help of a renowned German management consultancy. "In this
context, we will focus on our technological strengths and core
business areas. We must, and will, continue to invest in these
competencies in order to maintain our competitive lead. Our vision is
to be a technology and efficiency motor for the global energy
revolution. This is our potential for the future. For this reason, my
colleagues and I are convinced that we enjoy good prospects to
successfully conclude the reorganization," emphasized Robert M.
Hartung at the meeting with employees.

About centrotherm photovoltaics AG centrotherm photovoltaics AG,
which is based at Blaubeuren, Germany, is a globally leading
technology and equipment provider for the photovoltaics sector. The
company equips well-known solar companies and new sector entrants
with turnkey production lines and single equipment to manufacture
silicon, and crystalline solar cells and modules. As a consequence,
the Group possesses a broad and well-founded technological basis, as
well as key equipment at practically all steps of the photovoltaics
value chain. centrotherm photovoltaics guarantees its customers
important performance parameters such as production capacity,
efficiencies, and completion deadlines. The Group employed around
1,900 staff as of the December 31, 2011 reporting date, and operates
globally in Europe, Asia and the USA. centrotherm photovoltaics
achieved revenue in the 2011 financial year of around EUR 700
million. The company is listed in the Prime Standard on the Frankfurt
Stock Exchange.

Further inquiry note:
Contact:
Saskia Feil
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
E-mail: saskia.feil@centrotherm.de

Nathalie Albrecht
Manager Public Relations
Tel: +49 7344 918-6304
E-mail: nathalie.albrecht@centrotherm.de

end of announcement euro adhoc
--------------------------------------------------------------------------------

company: centrotherm photovoltaics AG
Johannes-Schmid-Str. 8
D-89143 Blaubeuren
phone: +49 (0) 7344 91880
mail: info@centrotherm.de
WWW: http://www.centrotherm.de
sector: Energy
ISIN: DE000A0JMMN2
indexes: Prime All Share, GEX, ÖkoDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English