Europe’s largest solar module manufacturer says it faces “serious adjustments on the debt side” following a review of the company's business strategy by external experts, specifying two of its bonds.
The news sent SolarWorld's shares down by more than 25% to €1.18 in mid-morning trading in Germany. The shares were changing hands for more than €4 in February 2012.
However, SolarWorld adds that it expects to agree a deal and remain a going concern.
A statement says: “SolarWorld AG is of the opinion that there is a predominant degree of probability that the necessary financial restructuring and necessary operational measures can be achieved in the best interest of all parties.”
The group listed total debts in its last financial statement of just over €1bn...
