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Frank Asbeck, founder and CEO of SolarWorld is waiving his salary, around €500,000 last year until the company returns to profitability. Asbeck will also forgo dividends during the same period, though the company didn’t say when it would return to profitability or on what basis profitability status would be judged.
The company also said that it had renegotiated loan agreements amounting to €375 million with its lenders as the company came close to not meeting its financial covenants during the second quarter.
“SolarWorld has strengthened financial stability for the company by means of these agreements,” noted Philipp Koecke, CFO of SolarWorld. “At the end of the second quarter, we had liquid funds worth €320 million at our disposal. In addition, we have paid off over €130 million of our loans.”