DJ DGAP-Adhoc: Conergy AG: Conergy reaches agreement with banks - Ammer appointed for additional three months

Conergy AG / Miscellaneous

29.07.2010 19:55

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Conergy reaches agreement with banks - Ammer appointed for additional three
months

Hamburg, 29 July 2010: Today, Hamburg based Conergy AG reached an agreement
with its financing banks to extend its loans to the end of 2011. As such,
the consortium of banks is continuing to support Conergy in the successful
operational development. The company expects to return to an annual
operating profit again this year. The loan was basically due on 31 July
2010. In addition, the parties have agreed to postpone payments of the
three remaining instalments of the term loan, also to the end of 2011. This
will enable the company to realise the growth targets it has set.

Together with the extension, the consortium of banks and the Conergy
Management Board have agreed to assign an auditing company to carry out an
independent business review. Should the review come to the conclusion that
a follow-up financing beyond 31 December 2011 is unlikely to be agreed on
without strengthening the company's capital basis, the co-operating parties
will examine options for an adjustment of the liabilities side. Conergy and
the banks have agreed that, in such a case, the term of the credit will be
brought forward to 21 December 2010, as long as the banks do not waive this
right. The debt-reduction strategy, if deemed necessary by this process,
will then be adopted and implemented as soon as possible. All the relevant
banks have already signalled their basic willingness to support a
restructuring of the company's liabilities in such a case.

The consolidated and annual financial statements for 2009, which have not
been audited due to the ongoing negotiations, will now be published along
with the interim report on 12 August. This will also fulfil the
requirements for issuing the invitation to the outstanding 2010 AGM, which
is expected to be held beginning of October 2010.

Ammer appointed for additional three months

With effect of 1 August 2010, the appointment of Dieter Ammer as Member of
the Management Board as well as Chairman of the Board was extended by
additional three months until the end of 31 October 2010. One reason for
this is that the Supervisory Board has asked Ammer to accompany the 2010
Annual General Meeting. In addition, a shareholder with a more than 25%
stake in Conergy has proposed to elect him to the Supervisory Board. Should
Supervisory Board and shareholders follow this proposal, Ammer will
withdraw from the Management Board with the ending of the 2010 Annual
General Meeting.


Contact:
Christoph Marx
Head of Investor Relations
Conergy AG
Anckelmannsplatz 1
20537 Hamburg
Germany
T +49 40 271 42 - 1634
F +49 40 271 42 - 1639




29.07.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Conergy AG
Anckelmannsplatz 1
20537 Hamburg
Deutschland
Phone: +49 (0)40 27 142-1000
Fax: +49 (0)40 27 142-1100
E-mail: info@conergy.de
Internet: www.conergy.de
ISIN: DE0006040025
WKN: 604002
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hannover, Düsseldorf, Hamburg, Stuttgart

End of News DGAP News-Service

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(END) Dow Jones Newswires

July 29, 2010 13:56 ET (17:56 GMT)