Parts of insolvent Solar Millennium to be sold - report

(SeeNews) – Jan 17, 2011 – Some parts of insolvent German solar plant developer Solar Millennium AG (ETR:S2M) will be sold, insolvency administrator Volker Boehm said on Monday raising creditors' hopes to recover their dues.

Boehm told online news provider photovoltaik.eu that there were investors interested in the company and a due diligence process was to take place in the next few weeks.

Solar Millennium filed for insolvency just before Christmas.The company has issued bonds worth EUR 230 million (USD 293.4m), but the actual size of the investors' claims is still not known, Boehm noted.

Solar Millennium has a large number of subsidiaries and projects, which most likely caught the attention of investors. The next few weeks will show what parts of the company could be sold, the insolvency administrator explained.

According to a report of daily Financial Times Deutschland from January 13, German industrial services company Ferrostaal AG was among the parties interested in Solar Millennium as well as a big construction company.

(EUR 1 = USD 1.276)

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