europe_africa

More

SolarWorld updates bondholders

Bondholders of near-bankrupt German PV group SolarWorld are meeting today and tomorrow in Bonn, the company said.

SolarWorld’s board will inform creditors of bonds maturing in 2016 and in 2017 of the state of its restructuring process, but the company does not expect any decisions to emerge from the meeting.

Bondholders representing at least half of the outstanding bonds need to be present at the meeting for it to be able to take any decision, otherwise SolarWorld will call for another meeting of creditors.

A company press official had no comment on reports in Germany’s Süddeutsche Zeitung today that SolarWorld’s partner Qatar Solar Technologies could take up to 20% in the embattled German PV company.

Currently, SolarWorld holds 29% of QSTec, which is building a polysilicon manufacturing plant in Qatar. Officials at QSTec couldn’t be reached today.

SolarWorld earlier this month confirmed that it is close to securing funds form a Qatari investor, but then said the size of a potential stake will be published at an extraordinary general meeting on 11 July.

SolarWorld has also said it has come to an agreement with a majority of its creditors over a restructuring that would allow it to cut its noncurrent liabilities by about 60%. Much of the restructuring would be accounted for by a debt-to-equity swap.

SolarWorld’s net debt swelled to €780m ($1.02bn) in 2012, from €718m in 2011, the company said in late April.

Latest