A majority of Centrosolar’s creditors have voted in favour of restructuring the struggling German PV manufacturer’s debts.
At a meeting yesterday, bond holders in Centrosolar’s €50 million 7% bond agreed to swap the debt for 5.5 million newly issued shares in the company.
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Centrosolar said that if all bond creditors exercised their right to buy the shares they would each receive 110 new shares in the company with a nominal value of €1,000.
The restructuring is subject to the approval of a shareholder meeting due to be held today.
Centrosolar said that with shareholder approval, the measures would be implemented in the second half of 2013.
In its latest results, Centrosolar’s revealed first quarter revenues for 2013.were down 46%. The company has already sold its glass operation to Belgian firm Ducatt as part of a restructuring plan.