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.