Dr. Jan Withag resigns from his position as Chairman of the Management Board

Following last week’s initiation of insolvency proceedings for Solar Millennium AG by the local Court of Fürth, the chairman of Solar Millennium’s management board, Dr. Jan Withag, announced last Friday his resignation from all his offices taking effect on 8 March 2012.

March 06, 2012. By News Bureau

This includes the resignation from his position as chairman of the management board of Solar Millennium AG as well as from the board of Solar Trust of America LLC and from the advisory board of Flagsol GmbH. Dr. Withag also resigns from his management roles at SMAGSOL GmbH, Solar Millennium Verwaltungs GmbH, Solanda GmbH, Solar Millennium Beteiligungs GmbH, SM USA 1 GmbH as well as from his post as director of Solar Millennium Inc.

Dr. Withag explained his decision as follows: “Since the insolvency proceedings have been initiated and the right to manage and transfer has been vested in the insolvency administrator, the opportunities for action left to me are limited. Time has therefore come for me to transfer the management of the Group and my offices at the subsidiaries to the insolvency administrator.” Dr. Withag illustrated further: “It is not easy for me to leave my office at Solar Millennium. I can understand investors and employees are disappointed. The employees in particular have time and again invested incredible amounts of energy into the company over recent years. I sincerely hope my colleague on the management board, Mr Beltle, as well as the insolvency administrator, will have much success with meeting upcoming challenges, and I will continue to support them to the best of my ability, even after my resignation from office.”

At the same time, the search for investors for the Group is continued. The insolvency administrator sees chances for a takeover of subsidiary Flagsol GmbH in Cologne as well as for some Spanish power plant projects, especially for Arenales. There is also some investor interest in a complete takeover of the Solar Millennium AG Group. However, prospects for the success of this are highly uncertain.
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