On the back of the challenging solar market conditions, Germany-based SiC Processing has said the management board will develop a restructuring plan with its shareholders in the coming weeks. It will be presented to both major shareholders and the holders of the SiC Processing bond.
"It is the intention to implement a restructuring plan, that ensures the long-term competitive position of SiC Processing in a market expected to be challenging for the foreseeable future, by February 28, 2013," said the company in a statement released.
Meanwhile, SiC Processing has said an agreement has been reached to defer payments with its major creditors, in order to avoid a liquidity shortfall. The statement continued, "These creditors the Norwegian landlord of SiC Processing AS, a major supplier of SiC recycling lines and a shareholder of SiC Processing GmbH agreed to defer their outstanding debits until February 28, 2013."
This agreement is said to have ensured the solvency of SiC processing until February 28, and will allow it to continue to pay its suppliers during the aforementioned period.
The closure of REC Wafer Norway SiC processing AS sole customer this year had a significant impact on the company, which was forced to shut its slurry recycling plant down in Norway as a result.
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