DGAP-Ad hoc: Phoenix Solar AG

Phoenix Solar AG is forced to file for insolvency

- Phoenix Solar AG is faced with approximately USD 8 million reimbursement claims following a drawdown of project-related letters of credit by a US customer, resulting in the illiquidity of Phoenix Solar AG

Sulzemoos, December 8^th, 2017 / Following the drawdown of project-related letters of credit in the amount of approximately USD 8 million by a large customer of Phoenix Solar Inc. (the US-subsidiary of Phoenix Solar AG), the parent company Phoenix Solar AG is obligated to reimburse the issuing banks immediately under its existing financing agreements. Such reimbursement claims exceed the financial capabilities of Phoenix Solar AG, thus resulting in the illiquidity of Phoenix Solar AG and forcing the Executive Board to file for insolvency. The Executive Board will, therefore, submit an insolvency filing to the relevant insolvency court in Munich in the course of next week. Attempts by the Company's management to find a solution with the said US customer and the Company's banking consortium in Germany have failed.

Communicating Person: Dr. Joachim Fleïng
Language: English
Company:
Phoenix Solar AG
Hirschbergstr. 4
85254 Sulzemoos
Tel.: +49 8135 938315
Fax: +49 8135 938429
Email: disclosure@phoenixsolar.com
Internet: www.phoenixsolar-group.com
ISIN DE000A0BVU93
WKN A0BVU9
Stock exchanges: XETRA, Frankfurt (Prime Standard), Munich (M:access), Stuttgart, Berlin, Düsseldorf, Hamburg, Hannover, Tradegate Exchange

About Phoenix Solar AG
Phoenix Solar AG is an internationally operating photovoltaic integrator based in Sulzemoos near Munich, Germany. The Group develops, engineers, constructs and operates large-scale photovoltaic plants. As an EPC contractor specializing in the design and execution of solar power plants, Phoenix Solar places special emphasis on the "on-time and on-budget" construction and delivery of solar power plants, optimized to deliver superior output. With subsidiaries on three continents, the company has designed and built some 800 MWp of turnkey systems since its founding. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime Standard) of the Frankfurt Stock Exchange. www.phoenixsolar-group.com.