Major creditor of S.A.G. Solarstrom unit seeks administration order

By Caroline Salls

Pittsburgh, Jan. 28 - A major creditor of S.A.G. Solarstrom AG wholly owned subsidiary S.A.G. Solar UK Ltd. asked the High Court of Justice, Chancery Division, Companies Court to make an administration order for S.A.G. Solar UK, according to a news release.

A hearing to appoint an administrator is scheduled for Jan. 29. Once an administrator is appointed, insolvency proceedings can be initiated according to English law.

For S.A.G. Solarstrom, this could mean the loss of receivables, the loss of future potential earnings and a risk that claims will be made on guarantees that have been granted, the release said.

The company said delayed accreditation by responsible authority Ofgem means that it has not been possible to close the sale of a completed project. As a result, liquidity inflow could not be realized.

Solarstrom is a Freiburg, Germany-based company that constructs and operates solar power plants and installations.

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