SolarWorld AG insolvency triggers bonds default

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The two bonds were expected to run through until 2019 and had a value of around €178.6 million, according to SolarWorld’s 2016 annual report. Image: SolarWorld

Bankrupt integrated PV module manufacturer SolarWorld AG said that its two listed bonds had become due to be repaid immediately as a condition of default since entering insolvency proceedings in Germany on May 10, 2017.

The two bonds were expected to run through until 2019 and had a value of around €178.6 million, according to SolarWorld’s 2016 annual report. The company entered insolvency proceedings with cash and cash equivalents of around €84 million, according to previously released preliminary first quarter 2017 financial results.

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