Sunways seeks to avoid insolvency
After the appointment of a preliminary insolvency administrator following a third party application, business operations of the Sunways Group (SWW:GR, SWWG.DE, ISIN DE0007332207) largely returned to normal. Due to the extraordinary termination of credit lines by two house banks a difficult situation had occurred for customers and suppliers of the company. The associated restrictions were mainly eliminated by the arranged proceedings. The preliminary insolvency administrator has the responsibility to verify the existence of insolvency reasons and to safeguard the assets of the company for the claims of creditors.
Hoong Khoeng Cheong, Chairman of the Management Board/CEO of Sunways AG said, "We want to use the time ahead and, with the support of all stakeholders, avert insolvency proceedings. In this way we can reach the best solution for everyone: customers, suppliers, banks, shareholders, and employees. We aim to align Sunways in the next three months so that we will again be able to generate profits in the future."