Reuters: Bankruptcy News: Solarwatt eyes new dawn with Stefan Quandt

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Solarwatt eyes new dawn with Stefan Quandt Aug 1st 2012, 15:34 FRANKFURT/DUESSELDORF, Germany | Wed Aug 1, 2012 11:34am EDT FRANKFURT/DUESSELDORF, Germany Aug 1 (Reuters) - Insolvent German solar module maker Solarwatt AG may see a new dawn after finding a willing investor in big BMW shareholder Stefan Quandt. Solarwatt said on Wednesday Quandt, who holds a 17.4 percent stake in the premium carmaker, was prepared to support its restructuring and a capital increase that would give him a 94 percent stake in the company, if creditors and the local district court approve the group's reorganisation plans. "As soon as this confirmation is final, the local district court orders the discharge of the insolvency proceedings - and Solarwatt AG will once again operate in the market as a fully- restructured company," Solarwatt custodian Rainer Baehr said. Solarwatt - which filed for insolvency in June - also said Quandt would grant the company a 5 million euro ($6.2 million) loan to expand its business, should the plan be realised. The solar industry's crisis, triggered by overcapacity amid falling government subsidies, has hit peers Q-Cells, Solar Millennium, Solarhybrid and Solon , which have all filed for insolvency in recent months. Susanne Klatten - Stefan Quandt's sister and Germany's richest woman - holds a 24.99 percent stake in German wind turbine maker Nordex.

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