a breakdown in renegotiation talks with MEMC, seeking the "invalidity of the contract by declaratory judgement in New York City". In January 2010, MEMC announced that the lawsuit was settled out-of-court, with new terms for the contract agreed and MEMC receiving an undisclosed payment. In November 2007, with the company's share price having fallen by an estimated 43 percent that year, Hans-Martin Rüter stepped down as CEO and was replaced by supervisory board chairman Dieter Ammer, who took over as interim CEO. The company also announced that it had raised €100 million in capital, in response to a "shortfall in liquidity". In September 2008, LG Electronics announced a preliminary deal to form a joint venture with Conergy, its first in the field of solar energy. The deal was to be completed by the end of 2008 and see LG acquire a 75 percent stake in Conergy's Frankfurt solar panel plant. However, due to "current worldwide economic uncertainty [in reference to the financial crisis of 2007–2008] and changes in strategic direction", LG announced in November 2008 that it ended talks with Conergy. On 5 July 2013, Conergy filed for preliminary insolvency at the District Court of Hamburg, one of a succession of German solar manufacturers that collapsed under pressure from depressed prices due to oversupply by Chinese manufacturers. Later that month, American private equity firm Kawa Capital Management announced it would buy the Conergy brand and some of the international sales and service units, without the manufacturing businesses. In December 2013, the company applied to delist from the Frankfurt Stock Exchange, with its final share price standing at just €0.04. In July 2014, the company secured a US$60 million credit guarantee arranged by Deutsche Bank to finance an expansion of its international projects business; the company had already acquired insolvent Wirsol and the rights to 166 MW of UK projects from developer Lumicity earlier that year. In order to focus on its downstream business, Conergy sold its distribution arms in the U.S. and Canada to Soligent and HES PV in October 2014, respectively. In August 2017, it was announced that Kawa Solar Holdings sold Conergy Asia & ME Pte. Ltd. and its subsidiaries to American private equity funds Tennenbaum Capital Partners LLC and Goldman Sachs BDC, a business development company managed by Goldman Sachs Asset Management. In August 2018, the Green Investment Group, a subsidiary of the Macquarie Group, completed its