Q-Cells revealed it had reached an agreement “in principle” with the main holders of 2012, 2014 and 2015 convertible bonds to complete a financing restructuring in one step. Last month it said it would need to pursue a two-step transaction.
Bondholders, which are mainly institutional investors, will be able to swap their debt for 95% of the equity in Q-Cells. Holders of the 2012 note will also get a cash payment of €20m ($26m).
“If
