PV equipment maker Singulus Technologies will undergo a financial restructuring as it looks to reduce it debt.
In a statement released on Friday, the company said it would look to swap debt related to its corporate bond for shares.
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In March, the company reported heavy losses of €51.6 million (US$55.9 million) for 2014 but stressed that a strong order book meant it was likely that it would incur only small losses for 2015
According to Singulus, it has €60 million of orders lined up. These include a major order for CIGS equipment from Hanergy.
“While the operating activities picked up considerably in the first quarter 2015 and orders exceeding €60 million (US$65 million) were already recorded, the earnings situation remains difficult,” a statement issued by the company said. “To secure the economic viability of the company in the long-term and to enable further growth, the executive board accelerates the initiated strategic repositioning of the company and intends to adjust the capital structure as an essential basis for this.”
