Centrotherm says in financing talks with banks

Jun 14, 2012 - German Centrotherm Photovoltaics AG (ETR:CTN) has started discussions on financing with its banks after its credit insurers decided to stop covering its merchandise deliveries, the photovoltaic (PV) equipment maker said yesterday.

The insurers' decision comes amidst continued weak markets and the resulting tightened financing and is expected to have a negative impact on liquidity in the range of the low double-digit million euros, Centrotherm said.

The company has appointed a consultancy to work out a re-organisation plan that will form the basis for further talks with banks to secure the group's financing. At present, the company cannot use its existing credit lines, it added.

Choose your newsletter by Renewables Now. Join for free!