• Print

SolarWorld expects to make major financial restructuring to avoid going concern issues

  • 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 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.

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.

Publications

  • Photovoltaics International 27th Edition

    Now that the PV industry has unquestionably entered a new growth phase, all eyes are on which technologies will win through into the mainstream of PV manufacturing. PERC, n-type, p-type bifacial, heterojunction – all have become familiar terms in the ever-growing constellation of solar cell technologies. The question is which will offer manufacturers what they are looking for in improving efficiencies and cutting costs.

  • Manufacturing The Solar Future: The 2014 Production Annual

    Although the past few years have proved extremely testing for PV equipment manufacturers, falling module prices have driven solar end-market demand to previously unseen levels. That demand is now starting to be felt by manufacturers, to the extent that leading companies are starting to talk about serious capacity expansions later this year and into 2015. This means that the next 12 months will be a critical period if companies throughout the supply chain are to take full advantage of the PV industry’s next growth phase.

Partners

Acknowledgements

Solar Media

Newsletter

Subscribe
We won't share your details - promise!