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Conergy AG Terminates Wafer Supply Agreement with MEMC Electronic Materials, Inc.


Tuesday, 25 Sep 2012 04:04pm EDT 

Conergy AG announced that it has reached an agreement with MEMC Electronic Materials, Inc. (MEMC) for an early termination of the wafer supply agreement. As a result of the termination of the contract originally running until June 30, 2018, Conergy is no longer bound to purchase wafers for about USD 600 million over the contract period. As a compensation for the early termination of the wafer supply agreement, amongst others, the equivalent of a cash deposit Conergy had provided under the wafer supply agreement in the amount of about USD 21 million (called Refundable Capacity Reservation Deposit, 'RCRD') will remain with MEMC. Further securities provided under the wafer supply agreement from Commerzbank AG totaling to approximately USD 29.5 million (so-called letters of credit) will be fully available for the operational business of Conergy again after consummation of the agreement. In addition, claims of MEMC from the wafer supply agreement against Conergy totaling to approximately USD 5.5 million will be deferred on bail until July 1, 2013. 

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