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Insolvent Conergy finds investor, reopens panel plant

German solar firm Conergy says it will resume production at one of its panel factories after a US private equity fund agreed to invest in the firm. Conergy filed for insolvency help two weeks ago amid funding problems.

Production of solar panels at its factory in Frankfurt, Germany, would be resumed on Monday 21.07.2012), Conergy announced in a statement Friday.

In addition, deliveries of solar panels and equipment would also re-start on that day, said the Hamburg-based company, which is currently under insolvency administration after filing for protection from its creditors two weeks ago.

Calling the resumption of production a positive signal to employees and customers, Conergy Chief Executive Sven K. Starke said the brief manufacturing stop was necessary to sort out the firm's business relations.

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German Solar Companies Struggle to Stay Solvent

At the beginning of July, Conergy filed for insolvency after it couldn't agree with creditors on a long-term business plan. At the time, the firm was struggling with unexpected delays in a major solar energy project.

Conergy, which has about 1,200 employees, specializes in planning and installing photovoltaic systems, and was Germany's biggest panel maker in 2011.

On Friday, the solar company also announced that US private equity firm Kawa Capital had agreed to buy Conergy's distribution and services business.

A memorandum of understanding was signed with Kawa, insolvency administrator Sven-Holger Undritz said, with relevant contracts planned to be ready by the end of August.

Both sides had agreed not to disclose the purchase price, he added.

uhe/ipj (dpa, AP, Reuters)

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