DGAP-Ad hoc: Solar-Fabrik AG

DGAP-Adhoc: Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten: Exploitation of fixed and current assets of SFAG in the insolvency proceedings in self-administration close to completion; evacuation of the plant by June 30, 2016

Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten / Key word(s): Disposal/Forecast

04.05.2016 16:40

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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Exploitation of the fixed and current assets of Solar-Fabrik AG in the insolvency proceedings in self-administration close to completion, implementation of the asset sale and evacuation of the plant in Freiburg to be completed by June 30, 2016. Purchaser of production line No.3 intends to resume module production at his own site.

After Solar-Fabrik AG i.I. (ISIN: DE0006614712) had discontinued its operation in June 2015, the focus of the executive board of Solar-Fabrik AG in the insolvency proceedings in self-administration was the exploitation of the remaining fixed and current assets of the former business operations at the Freiburg premises. This process is done in close consultation with the custodian (Sachwalter) and the members of the creditors committee (Gläubigerausschuss). The exploitation process has been completed today by the intended sale of the last remaining fixed and current assets to several individual parties. The module production line No.3 could be sold in a package together with Solar-Fabrik's portfolio of trademarks, amongst others, to HSL Laibacher GmbH. They intend to resume the production of solar modules under the brand Solar-Fabrik at their existing site in the area of Aschaffenburg. This does not include a continuation of Solar-Fabrik AG. The economic transfer of the sold assets to the purchasers and the evacuation of the Solar-Fabrik plant in Freiburg is expected to be completed by June 30, 2016, The executive management in self-administration and the custodian of Solar-Fabrik AG continue the winding-up operations in the insolvency process. This includes, for instance, recovery of claims to the benefit of the bankruptcy assets (Insolvenzmasse) as well as the clarification of the liabilities, including the insolvency claim notifications from creditors. A final statement on the financial results of the insolvency proceedings in self-administration is currently not possible. According to the current provisional assessment, the bankruptcy assets freely available for distribution at the completion of the proceedings are expected to be around EUR 4,7 million. The balances on the accounts of Solar-Fabrik AG is currently approx. EUR 3,3 million and more income in an amount of about EUR 4 million is expected. Solar-Fabrik's remaining debt and costs - including the liabilities towards the employees due to the executed social plan according to § 123ff German Insolvency Act - are expected to be around EUR 2,7 million. Currently an amount of approximately EUR 11,16 million has been notified by creditors as insolvency claims. This amount is the total of EUR 3,47 million claims confirmed by the custodian, EUR 2,79 million of claims provisionally denied by the custodian, and EUR 1,56 million of claims finally rejected by the custodian as well as 720 thousand EUR of claims already withdrawn by the creditors, and EUR 2,61 million of claims which are registered but not finally assessed by the custodian, yet. Claims can still be notified, confirmed or withdrawn until the completion of the insolvency proceedings. A final assessment on the total insolvency claims to be taken into account during the insolvency proceedings is currently not possible, nor is it possible to assess the final amount available for distribution to the creditors, partly due to the pending and ongoing claim notification period and partly due to potential warranties and liabilities of Solar-Fabrik AG. The currently expected total exploitation revenues combined with the liabilities to be paid implies a high quota with relation to the insolvency claims already or expected to be confirmed; even a 100% quota cannot be ruled out. If the bankruptcy assets are still available after full satisfaction of confirmed insolvency claims, subordinated claims may be notified to the custodian to the insolvency table, provided the Civil Court prompts specifically for notification of these claims (§ 174 Art. 3 German Insolvency Act). After the subordinated claims were also fully satisfied the remains would be distributed to the shareholders (§ 199 German Insolvency Act). A final assessment of the financial results of the insolvency proceeding and the quota to be distributed to the creditors and probably even to the shareholders is currently not possible.

04.05.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de

--------------------------------------------------------------------------- Language: English Company: Solar-Fabrik Aktiengesellschaft für Produktion und Vertrieb von solartechnischen Produkten Bebelstr. 6 79108 Freiburg Germany Phone: +49 (0)761 - 4000-0 Fax: +49 (0)761 - 4000-199 E-mail: info@solar-fabrik.de Internet: www.solar-fabrik.de ISIN: DE0006614712 WKN: 661471 Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------