SolarWorld nails year-long restructure

CEO Frank Asbeck will buy 19.5% through a private investment

CEO Frank Asbeck will buy 19.5% through a private investment

Embattled German PV group SolarWorld has entered its swap capital increase in the commercial register, closing the financial restructuring it started in January 2013.

As a result of the restructuring, the company’s financial liabilities were cut from almost €1bn ($1.37bn) to €427m, SolarWorld said in an ad-hoc statement to stock markets.

“Through the swap capital increase against contributions in kind, approved in an extraordinary shareholders’ meeting on Aug. 7, 2013, the capital stock of €744,800 was increased by €14,151,200 to €14,896,000,” SolarWorld said.

The new shares are expected to be quoted on stock exchanges as of March 5.

The company last week had said that after the restructuring it plans to succeed in returning to a positive earnings before interest, taxes, depreciation and amortisation (Ebitda) amid a massive increase in sales this year.

Under the restructuring, about 55% of SolarWorld’s liabilities were converted into shares in the reformulated company following the capital increase.

Also, Qatar Solar Technologies said it will take a 29% equity stake in the revamped SolarWorld, while chief executive Frank Asbeck will buy 19.5% through a private investment.

Shareholders in the existing company will be left with only 5%.

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