Although the deal will prevent the ailing German PV firm from going belly up, it nevertheless represents a severe hit to existing shareholders, all but wiping out their investment in the embattled PV firm.
Hedge funds York and Sothic Capital will emerge from the complex restructuring process as Conergy’s largest shareholders, while its erstwhile largest shareholder, Commerzbank, will see its stake shrink from 29% to about 10%.
Conergy’s
