In a less than transparent statement, SolarWorld said it had employed ‘external experts’ to review its business and financial plans in light of two bonds due repayment, putting the firm under a ‘going concern’ position.

The company warned that ‘serious adjustments on the debt side are necessary,’ though the company expected that financial restructuring would be achieved, negating the ‘going concern’ position.

The first of the bonds (ISIN XS0478864225) is for €400 million and was issued in January, 2010 and due for repayment in 2017.while the second (ISIN XS0641270045) is valued at €150 million and was issued in July 2011 and due 5-years later.

However, SolarWorld has bonds and loans worth €400 million due in 2016 and a further €400 million due for repayment in 2017.

SolarWorld reported revenue of €469 million for the first 9-months of 2012 and losses of €190 million and a negative free cash flow of €64 million. Cash at the end of Q3 2012 was said to be €232 million.