Reuters: Bankruptcy News: UPDATE 1-Investor Kawa to take over Conergy's sales ops

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UPDATE 1-Investor Kawa to take over Conergy's sales ops Jul 19th 2013, 08:02 Fri Jul 19, 2013 4:02am EDT * Conergy filed for insolvency two weeks ago * No details on transaction price * Shares up 13 percent FRANKFURT, July 19 (Reuters) - U.S.-based investor Kawa plans to buy most of Conergy AG's global sales operations, the German solar group said on Friday, two weeks after it filed for insolvency. Kawa intends to acquire two of Conergy's German entities - Conergy Deutschland GmbH and Conergy Services GmbH - as well as subsidiaries in North America, Singapore, Thailand, Australia, Spain, Italy, France, Greece, Cyprus and Britain. Conergy said its production subsidiaries Mounting Systems GmbH and Conergy SolarModule GmbH were not part of the transaction, which is expected to be finalised in the next four weeks. "We are excited about this potential transaction with Conergy, a global leader in the downstream solar industry," said Daniel Ades, managing partner at Kawa. "The solar PV (photo voltaic) market is growing exponentially as costs approach grid parity and Conergy is uniquely positioned to capitalise on this opportunity globally." The parties did not disclose the transaction price. Sources previously told Reuters Conergy was close to striking a deal with Kawa. Once Europe's largest solar company, Conergy - along with many of its Western peers - came under intense pressure from plunging equipment prices in recent years, caused by a global glut of solar panels and cells. This has forced a large group of former sector heavyweights, including Q-Cells and Solon, to file for insolvency. Conergy - whose shares were up 13 percent at 0752 GMT - had sales of 473.5 million euros ($619.9 million) last year, but an operating loss of 83 million. Link this Share this Digg this Email Reprints

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