SolarWorld has received court approval for its ongoing restructuring process, the final administrative hurdle to its reorganisation.
The company’s shareholders approved the deal in August that will see Qatar Solar take a 29% stake in the company while existing shareholder will take a 95% write-down in the value of their shares. The debt for equity swap will cut 55% of SolarWorld’s liabilities.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
SolarWorld CEO Frank Asbeck will also take a 19.5% stake in the company as part of the shake-up.
“We can now implement our restructuring measures as planned. This will return SolarWorld AG to a solid financial footing,” claimed Asbeck.
“The year 2014 marks the birth of a new SolarWorld. At the same time, the new SolarWorld, with locations in Saxony, Oregon and Thuringia, remains true to old virtues: top quality and high-performance modules made in Germany and made in the United States,” he added.
At the end of 2013 an audit of SolarWorld’s finances revealed greater than expected losses of €620 million (US$846.1 million) in its 2012 accounts.
