Bosch waives claims against troubled unit Aleo Solar

(SeeNews) – Nov 14, 2012 – Troubled German photovoltaic (PV) technology producer Aleo Solar (ETR:AS1) said on Tuesday it had agreed with majority shareholder Robert Bosch GmbH on a EUR 25 million (USD 31.8m) waiver of claims and a declaration to subordinate EUR 50 million liability.

In addition to weak demand and falling prices, Aleo was also negatively affected by one-time effects such as the closure of its plant in Spain, the termination of its joint venture Avim solar and the expenses resulting from the concentration of its production in its Prenzlau plant. The company also had to cut its annual forecast twice in the course of the year. It said today it had to post a significant drop in both revenue and earnings for the first nine months of 2012.

Under the newly-signed agreement, as of immediately Bosch is waiving EUR 25 million claims against Aleo in connection with the extension of a EUR 91 million loan it gave to the PV company for the December 2011 - September 2012 period.

The two companies also agreed on a declaration that Aleo will subordinate liability worth EUR 50 million.

(EUR 1.00 = USD 1.27)

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