Sunways wants to avoid insolvency proceedings

(SeeNews) – May 29, 2013 - German solar firm Sunways (ETR:SWW), which entered into preliminary insolvency proceedings at the start of May, wants to avoid insolvency, CEO Hoong Khoeng Cheong said today in a corporate press release.

He added that Sunways will undergo a restructuring process over the upcoming three months.

Cheong hopes that through the re-alignment the company will regain its ability to make profits and suitable solutions for all stakeholders will be found.

However, the company will need the support of the stakeholders -- customers, suppliers, banks, shareholders, and employees, he added.

Sunways said that the preliminary insolvency administrator has succeeded in making the group's business go to normal after two house banks cancelled a credit line of altogether EUR 6.6 million (USD 8.5m) at the end of April. The scrapped credit line brought a hard time to the company and its customers and suppliers, Sunways added.

(EUR 1 = USD 1.285)

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