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.

Newsletter

Preview Latest
Subscribe
We won't share your details - promise!

Publications

  • Photovoltaics International 23rd Edition

    This issue of Photovoltaics International, our 23rd, offers key insights into some of the technologies that are ready to move from lab to fab in support of these goals. ISC Konstanz offer a glimpse of what the low-cost, high-efficiency solar cells of the future might look like. On page 35 the institute’s authors give an overview of what they call Konstanz’ “technology zoo”, encompassing their so-called BiSoN, PELICAN and ZEBRA cell concepts, all of which are aimed at increasing energy yield at the lowest possible cost.

  • Manufacturing The Solar Future: The 2013 Production Annual

    In the ever-changing global solar markets, cost reduction and measures to increase cell efficiencies are the key tools available to PV manufacturers to create new opportunities and drive your business to the next level. Manufacturing the Solar Future 2013 is the third in the Photovoltaics International PV Production Annual series, delivering the next instalment of in-depth technical manufacturing information on PV production processes designed to help you gain the competitive edge.

Partners

Acknowledgements

Solar Media