REC ASA - Moser Baer has no legal right to terminate contract
(Thomson Reuters ONE) - Sandvika, February 12, 2010: Moser Baer Photo Voltaic Ltd. ("MB") has no legalright to terminate the wafer contract entered into with REC in 2007. As reportedin the interim report for the fourth quarter 2009, REC has agreed to makeadjustments to sales contracts and in some cases called upon bank guarantees toprotect its interest. In the case of MB, REC called upon the bank guarantee tocover outstanding receivables already in October 2009, and REC will continue toenforce its rights under the contract.REC announced the 8-year contract with MB on July 26, 2007, in which annualvolumes are scheduled to increase over time to a peak at around 60 MW per year.On February 10, 2010, MB announced that they had terminated the contract, due toalleged quality issues. For the same reasons, the company tried to prevent RECfrom calling upon the bank guarantees. This attempt was denied by an Indiancourt although this is subject to appeal. REC has currently USD 36.5 millionworth of receivables outstanding towards MB and the total available bankguarantees under the contract amounts to USD 85 million.Legal proceedings will continue, although Moser Baer in REC's opinion has nolegal right to terminate the contract.About RECREC is the leading vertically integrated player in the solar energy industry.REC Silicon and REC Wafer are among the world's largest producers of polysiliconand wafers for solar applications. REC Solar is a rapidly growing manufacturerof solar cells and modules, and is also engaging in project developmentactivities in selected segments of the PV market. REC had revenues of NOK 8 191million and an operating profit of NOK 2 529 million in 2008. More than 3 000employees work in REC's worldwide organization. Please visitwww.recgroup.com
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
" alt="Halo Resources Ltd.: HUDBAY APPROVES SHERRIDON DRILL PROGRAMDatum: 12.02.2010 - 09:32 Uhr
Sprache: Deutsch
News-ID 1010376
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
HØVIK
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 127 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"REC ASA - Moser Baer has no legal right to terminate contract
"
steht unter der journalistisch-redaktionellen Verantwortung von
Renewable Energy Corporation ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
