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

The restructuring plan would see asignificant chunk accounted for by a debt-to-equityswap.

The company has been locked in negotiationswith 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 anextraordinary shareholders’ meeting, and is subject to “the approval ofall committees”.

SolarWorld