SolarWorld restructuring to drag on

Germany’s embattled PV manufacturer SolarWorld now expects crucial decisions about its restructuring to be taken in August, after a bondholder meeting yesterday failed to reach the necessary quorum to approve any measures.

Shares plunged 5.5% in Frankfurt today at 1005 CET to €0.775 ($0.998) while the TecDAX technology index fell 1.93%.

Holders representing less than 50% of outstanding company bonds with maturity in 2016 showed up at a meeting yesterday, SolarWorld spokesman and vice-president Milan Nitzschke told Recharge.

A second meeting today for holders of a bond with a 2017 maturity is also expected to fail to reach the necessary quorum for decision making.

Bondholders now will be invited for a new assembly in early July that is slated to appoint a noteholders’ representative for further negotiations. Both bondholders and company shareholders at a Log in to read complete article.

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