Power electronics specialist, 3W/AEG Power, has been forced to postpone a meeting due to have taken place today to discuss deferral of an interest payment on a €100 million (US$135 million) bond.
An insufficient number of bondholders registered for a meeting scheduled for today to sanction deferral of a 9.25% bond interest payment that 3W/AEG is seeking as it contends with plummeting sales.
The company’s Q3 results last week revealed that its solar division revenues were down 73% on the same period last year, down from €29 million (US$39 million) to €7.8 million (US$10.5 million). Limited cashflow has forced the company to seek a restructuring of its bond payments.
A meeting to discuss the issue will instead be held on 18 December 2013 in Frankfurt.