In addition, Itarion carries debts totalling €16.5m, for which Centrosolar and Qimonda are jointly liable. An agreement has been reached with the lending banks to repay the amount in instalments through to mid-2011. Centrosolar claims its decision to abandon the project was spurred by the "direction taken by the negotiations". "The latest solution discussed with the consortium entailed excessive risks and necessitated a much greater involvement by Centrosolar in the operating side [of Itarion Solar] than in the concept originally agreed with Qimonda," the company says.
Centrosolar leaves Itarion in lurch
Germany's Centrosolar has pulled out of Itarion Solar, a joint venture it initially set up with German microchip-maker Qimonda, leaving the nascent Itarion insolvent and unlikely ever to see the light of day.
6 August 2009 22:00 GMT
Updated
25 November 2012 10:45 GMT
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