Mobisol files for bankruptcy, won’t shut down just yet

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Mobisol GmbH, a solar systems firm for households and micro-enterprises in Africa has filed for preliminary insolvency proceedings under self-administration in the District Court of Charlottenburg (Berlin), Germany.

The firm will be run by its current Managing Director, Andrew Goodwin under a provisional trustee Friedemann Schade (BRL BOEGE ROHDE LUEBBEHUESEN), an attorney.

According to the firm, the aim of the self-administered insolvency is to allow for its restructuring and to bring  the negotiations with new investors that began at the start of the year to a successful conclusion.

Dr. Stefan Weniger, an experienced restructuring expert of Restrukturierungspartner KG, will be appointed as a Managing Director for the duration of the proceedings.

“With the trust placed in us by the workforce and the owners, we are convinced of Mobisol’s successful future,” said Andrew Goodwin. “Mobisol´s unique business model with a mix of technology, financing and distribution of innovative solar systems holds immense potential and makes a real difference to the lives of people in regions with weak development in Africa and other parts of the world”.

Mobisol has already supplied more than 600,000 people in many remote parts of the world with renewable electricity, even though commercial distribution only started in 2013.

The provisional insolvency proceedings relate only to Mobisol GmbH, hence subsidiaries are not affected by the insolvency of the GmbH. Mobisol is going to continue serving its customers and partners to their complete satisfaction without any interruption.

“It is important to us that employees and the general public receive all essential information directly from us,” says Managing Director, Andrew Goodwin. He continues: “We are now in the process of developing a concept and making Mobisol sustainably profitable. This gives us a particularly good chance of finding the right long-term investor”.

Attorney Friedemann Schade is now the provisional trustee (Sachwalter). He is a restructuring expert with many years of experience in the start-up and energy sector. “Mobisol GmbH fulfils an important mission in the provision of affordable and renewable energy. Therefore, we face an important task, with which I am convinced that Mobisol will emerge strengthened,” he explains.

Attorney Daniel Fritz, from the global law firm DENTONS Europe LLP said, “The aim of the proceedings is for Mobisol to remain a strong company. For this, the creditors have provided us with the right framework conditions in the form of self-administration. The path taken is now the best one to restructure the company and to finalize the M&A process already initiated.”

Mobisol adds that it has already attracted high profile industrial sponsors that are showing keen interest to sponsor the business as new shareholders. Therefore Mobisol’s vision of rural electrification might not die.