Sunways AG: Preliminary insolvency proceedings have been instituted

Konstanz/Germany (pta015/24.03.2014/14:25 UTC+1) Dr. Thorsten Schleich appointed preliminary insolvency administrator / Preliminary creditor's committee to be formed soon / Management Board striving for insolvency plan procedure

24 March 2014 - On 21 March 2014, the Konstanz local court instituted preliminary insolvency proceedings following the relevant application filed by the Management Board of Sunways AG (SWW:GR, SWWG.DE, ISIN DE0007332207) due to illiquidity of the company. The proceedings concern the assets of Sunways AG with headquarters in Konstanz and its hundred percent subsidiary, Sunways Production GmbH with registered office in Arnstadt/Germany. For preliminary insolvency administrator, the court has appointed Dr. Thorsten Schleich from the law firm Schleich & Kollegen in Singen am Hohentwiel/Germany. Moreover, a preliminary creditors' committee is to be formed shortly.

"I know the company as I was already once appointed as preliminary insolvency administrator with Sunways. Nevertheless, I have to first get an updated picture of the situation", Dr. Thorsten Schleich explained at the opening of the proceedings during a staff meeting in Konstanz. "Hence, for the moment I can only say this much: I aim to conclude the preliminary insolvency proceedings until the end of April. The wages and salaries of employees for the period from February to April are secured in any case by the insolvency money of the Federal Employment Agency", said Dr. Schleich. Sunways Group currently still employs about 110 people.

"It is our goal to reach an insolvency plan procedure that allows to preserve Sunways as an exchange-listed company", explained Hoong Khoeng Cheong, Chairman of the Management Board/CEO of Sunways AG. Conditions for such a procedure are an agreement with the creditors and a viable restructuring plan, including financial restructuring. "We have already begun discussions with potential investors in this context and will continue these talks," said Hoong Khoeng Cheong.

About Sunways
Sunways provides innovative products and solutions for harnessing solar energy (photovoltaics). Alongside high-performance components for standard applications (solar modules and inverters) and complete systems, the company also offers design-oriented solutions for special applications, such as semi-transparent and coloured solar cells for building-integrated photovoltaics. The company headquarters are in Konstanz, at the western end of Lake Constance in Germany. Other locations are Sunways Production GmbH in Arnstadt, Germany and branch offices in Bologna, Italy and Barcelona, Spain. Sunways AG shares (SWW:GR, SWWG.DE) are traded on the Frankfurt Stock Exchange. Since 2012, LDK Solar Group (LDK:US, LDK.N) has held a majority stake in Sunways.
http://www.sunways.eu/en

About Schleich & Kollegen
Main activities are insolvency administration, reorganization and restructuring advice as well as legal advice on insolvency for partners, managers and creditors and, in particular, suppliers and banks. Schleich & Kollegen are regularly appointed as insolvency administrators and trustees by the district courts of Hechingen, Konstanz, Lörrach, Offenburg, Rottweil, Ulm, Villingen-Schwenningen. In insolvency proceedings, Schleich & Kollegen put the focus on the restructuring of the company to obtain the core business in the long term, in the interests of creditors and employees. For cross-border cases, Schleich & Kollegen have a well established network, either in the members of the Schrade International EEIG in France, Austria, Germany and Poland, or in other partner firms, particularly in Switzerland and other EU Member States.
http://www.schleich-kollegen.de

Contact Schleich & Kollegen
Florian Götz
Max-Planck-Straße 11
D-78052 Villingen-Schwenningen
Phone +49 7721 94477 700
florian.goetz@schleich-kollegen.de

Contact
Hoong Khoeng Cheong
Chairman of the Management Board/CEO
Phone +49 7531 996 77 415
Fax +49 7531 996 77 10
communications@sunways.de

You find this press release also at http://www.sunways.eu/en.

Forward-looking statements
This press release contains statements relating to the future business development of Sunways AG that are based on management assumptions and estimates made at the time of publication. Should the assumptions underlying the prognoses fail to be fulfilled, actual events may vary substantially from forward-looking statements. Uncertainties include changes in the political, legal, economic and business environment, exchange and interest rate fluctuations as well as the behaviour of competitors and other market participants. Sunways does not intend and is not under any obligation to update forward-looking statements on an ongoing basis as these are exclusively based on the circumstances prevailing as of the date of publication.

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Emitter:	Sunways AG Max-Stromeyer-Straße 160 78467 Konstanz Germany
Contact Person:	Hoong Khoeng Cheong, Chairman of the Management Board/CEO
Phone:	+49 7531 996 77-415
E-Mail:	communications@sunways.de
Website:	www.sunways.de
ISIN(s):	DE0007332207 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart