Court OKs SolarWorld restructuring

Asbeck says 2014 will mark the rebirth of SolarWorld

Asbeck says 2014 will mark the rebirth of SolarWorld

The higher regional court of Cologne has granted embattled German PV group SolarWorld permission to implement a restructuring that was backed by shareholders and bondholders last summer.

"The resolutions will now be commercially registered and implemented,” says chief financial officer Philipp Koecke.

“This means that we will be able to successfully complete the financial restructuring of the company precisely within our self-defined schedule.”

Under the restructuring, about 55% of SolarWorld’s liabilities will be converted into shares in the reformulated company following a capital increase.

Qatar Solar will take a 29% equity stake in the revamped SolarWorld, while chief executive Frank Asbeck will buy 19.5% through a private investment.

Shareholders in the existing company will be left with 5%.

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