Shunfeng Photovoltaic to Acquire SAG Solarstrom

Published September 1st 2014 at 4:00pm
Shunfeng Photovoltaic 
August 30, 2014 - German solar firm SAG Solarstrom AG said on Saturday it agreed to be acquired by Shunfeng Photovoltaic International for 65 million euros ($85 million).

The small German company said all jobs were safe and additional jobs would be created under Shunfeng's growth strategy for the business. Solar companies have been under pressure from plunging prices for solar panels and cells, which convert sunlight into electricity, caused by a global glut of the equipment.

SAG Solarstrom said according to the assessment of its insolvency administrator, Joerg Nerlich, its creditors - including holders of two corporate bonds - could expect to receive almost 50 percent of the company's insolvency assets.

"However, depending on the actual result, the insolvency quota might also be considerably below or above this value," it said.

Source: Reuters
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