Bosch waives €25 million aleo loan13. November 2012 | Industry & Suppliers, Markets & Trends | By: Sandra Enkhardt
Bosch subsidiary aleo solar AG must only pay back part of the loans granted to it by Bosch, thus somewhat relaxing the financial situation of aleo.
Robert Bosch GmbH has agreed to cancel part of the loans owed by aleo solar. Overall, Bosch made €91 million available to aleo between December 19 2011 and September 19, 2012 in the form of short term shareholder loans.
This money was in aleo’s accounts at the end of this September, according to reports. Now, the two parties have agreed that €25 million of these loans will be waived, and a further €50 million will be subordinated.
These measures will serve to relax the current tight cash situation by aleo. Additionally, they will help to improve the capital structure of the photovoltaic company.
Originally, most of the loans were scheduled to be repaid by the end of the year.
Translated by Becky Beetz.
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