Sunways AG: Agreements for the settlement of receivables and remaining claims

Konstanz/Germany (pta026/09.08.2013/15:10 UTC+2) Sunways reaches agreements with creditors for the settlement of receivables and remaining claims under long-term supply contracts

09 August 2013 - Sunways AG, Konstanz (SWW: GR, SWWG.DE, ISIN DE0007332207), has agreed with key suppliers of the Company on the financial settlement of receivables and remaining claims under long-term supply contracts. The talks were held in view of the changes in the business model of Sunways adopted last December and with the aim to remove the Group's burdens from the past. The corresponding agreements became effective today and include amicable settlements, waivers and the like as well as the reduction of purchase commitments of Sunways. In this context, an agreement was reached on the settlement of claims arising from two contracts concluded in 2006 and 2007. These contracts set rules for the long-term supply of silicon wafers for the production of solar cells by Sunways until the end of 2018 and 2017, respectively. In July 2012, Sunways and the supplier had agreed to end the long-term supply contracts against the purchase of a specified quantity of wafers by Sunways until the end of 2013. The companies have now agreed to settle the remaining claims from the supply contracts or the amendment agreement against a down-payment to be made until the end of October 2013; with the full payment of the agreed amount, all old claims of the supplier will be settled. In total, the agreements reached with all suppliers lead to a financial relief of around Eur 10 million in provisions and liabilities on Sunways Group's balance sheet.

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Emitter:	Sunways AG Max-Stromeyer-Str. 160 78467 Konstanz Germany
Contact Person:	Dr. Harald F. Schäfer
Phone:	+49 (0)7531 996 77-415
E-Mail:	communications@sunways.de
Website:	www.sunways.eu
ISIN(s):	DE0007332207 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart