March 6, 2014 - S.A.G. Solarstrom AG, Freiburg i. Br., has been granted a debtor-in-possession loan ("Massekredit") totalling €1.5m by Sparkasse Freiburg – Nördlicher Breisgau.
Insolvency administrator Dr. Jörg Nerlich and the Executive Board of S.A.G. Solarstrom AG requested the loan in consultation with the provisional creditor's committee to allow the company to conclude the sale of German and Italian projects and to implement its restructuring program and search for investors as planned without any time pressures.
S.A.G Solarstrom AG is anticipating an inflow of funds somewhere in the low double-digit millions by the end of 2014's second quarter from the closing of these sales and the repayment of a loan to a project company.
The loan is subject to the usual banking conditions being fulfilled and corresponding financing documents being signed.