SolarWorld flags creditor deal

German PV giant SolarWorld says it has come to an agreement with a majority of its creditors over restructuring the company’s debts.

SolarWorld said the preliminary deal will allow it to cut its noncurrent liabilities by about 60%.

The restructuring plan would see a significant chunk accounted for by a debt-to-equity swap.

The company has been locked in negotiations with its creditors since January, and says the newly-agreed deal is with holders of about 80% of its loans.

The deal will now be discussed at an extraordinary shareholders’ meeting, and is subject to “the approval of all committees”.

SolarWorld yesterday revealed delayed 2012 financial figures showing a €476.9m ($624.1m) net loss last year.

Its net debt swelled to €780.7m in 2012, from  €718.5m in 2011.