Solar Millennium Chairman Withag to Resign Following Company’s Insolvency

Solar Millennium AG (S2M), the insolvent German solar developer that’s seeking a buyer, said today its chairman will resign.

Dr. Jan Withag will step down March 8, Erlangen, Germany- based Solar Millennium said today in a statement. He’s also leaving the board of the company’s Solar Trust of America and its Flagsol units.

Insolvency proceedings began last week and the disposition of the company is now largely managed by a court-appointed administrator, Withag said in the statement.

“The opportunities for action left to me are limited,” he said.

The company is seeking investors or a buyer. The insolvency administrator said Feb. 28 that some of the company’s power projects may be acquired, and the chances of the entire company being purchased “are highly uncertain.”

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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