Mage Solar AG successfully completes restructuring



(SeeNews) - Jan 2, 2014 - German photovoltaic (PV) systems provider Mage Solar AG said on Monday it has successfully completed its restructuring through the acquisition of its operating business, under the name of Mage Solar GmbH, by German engineering company Schulz Group.

Schulz acquired Mage Solar's brand, the company's site in Ravensburg as well as its operating and office equipment. The engineering firm plans to expand Manage Solar's operating business in the fields of clean technology and renewable energy, Schulz Group's CEO, Lothar Holder, said.

Mage Solar AG started preliminary insolvency proceedings under self-administration in the summer of 2013 due to the crisis on the PV market.