Centrosolar unveils restructuring plan

Centrosolar did not indicate any cuts at its 350MW module line in Wismar

Centrosolar did not indicate any cuts at its 350MW module line in Wismar

German PV group Centrosolar has unveiled a restructuring package aimed at bringing its debt load back to a sustainable level, in a sign that the PV industry’s consolidation phase still has room to run.

At the centre of the plan is a proposal to convert a €50m ($67m) bond placed in early 2011 with a 7% coupon into shares in the Munich-listed company, while “significantly streamlining” several business areas, including sales and administration.

Senior management will also be “deferring” a significant portion of their remuneration to help the company reach solid ground. Alexander Kirsch has been chief executive and chief financial officer of Centrosolar since 2005.

The company says it will cut its German production of glass, which is used both in-house for module production and sold Log in to read complete article.

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