The community continues to fight for Sono Motors

The Sono Motors community continues to fight: It is the largest creditor at Sono, but sees a chance of survival in its transformation into a cooperative. They do not want their previous investment to fizzle out, but the management currently sees this risk: If no investors want to buy Sono, everything will be liquidated in insolvency, including the so-called intellectual property (IP). This time it is not about further cash injections, but about a sustainable new concept, ideally supported by many sources.

However, the condition is an anchor investor. Negotiations are currently underway for this. The vote, which can be cast until September 17th, promotes the idea of Sono SolarMobility. This, in turn, serves the further search for investors, initially for a capital company in which the community holds shares (AG, GmbH&Co. KG, UG, etc.) with the aim of later transforming or building upon it into a cooperative. However, founding a cooperative requires preparation and legal advice, which costs time and money. And indeed, there are already members who are making advance payments.

Still, there is belief in the solar concept. The community letter states:

“We need more solar power. Sono's attempt has failed, but the idea has not.”

Through the insolvency, the community — by far the largest creditor group, now has a unique opportunity to restructure Sono from the ground up if investors are found, which should succeed if they stick together — so the letter states. They could always sell later.

 The idea is that in insolvency, the creditors decide on the insolvency plan, which will be negotiated on October 26, 2023, in Munich. If the community can bundle more than half of all claims against Sono, it will help in the negotiations.

Liquidation and payout or cohesion and further development of ideas.

Alternatively, they could accept the plan for liquidation and payout, where the creditors are paid a proportional share. Depending on how high that proportion is (Sono estimates 5% to 10% of the deposit), the creditors would be paid out and the matter would be concluded. There is also a calculation example: For a reservation of €10,000, you would get back between €500 and €1,000 depending on the proportion, for a €500 down payment, Sono estimates a repayment of €25 to €50.

Instead, they want to follow the example of Prokon, where the creditors voted against the proportion proposed by the insolvency administrator and in favor of a cooperative. The insolvency administrator had to follow the creditors' instructions and convert the company into a cooperative. This means: If slightly more than half of the community votes for their own path with the aim of a cooperative, then this can most likely be implemented. The claim/the proportion will (subject to the results of the corporate law review) be converted into bonds or cooperative shares, for example, to productively use the claim/proportion. Those who do not want to participate can also payout from the insolvency proportion. Everyone can decide for themselves.

No more money should come from the community currently — only voluntarily.

If Sono secures the bid with its own purchase offer (at least €5 million), then they get everything from Sono first — the prototypes, all patents, the employees that are still needed. And everything then belongs to the successor company. From the €5 million, after deducting insolvency costs, the creditors will be compensated according to the calculated proportion by the insolvency administrator.