SolarWorld has debt conditions relaxed
23. July 2012 | Industry & Suppliers, Markets & Trends | By: Jonathan GiffordBloomberg has reported that SolarWorld AG has had its lenders agree to relax terms on €375 million (US$475 million) of loans, in the face of "challenging market conditions."
SolarWorld has sought the relaxation of its borrowing terms on the back of an increased likelihood that it will miss its second quarter financial covenants.
The Bonn-based company today announced the change in a statement. SolarWorld has also said that it paid off more than €130 million off its loans in June.
CEO Frank Asbeck further announced on Friday that he will not take his salary, bonus or dividends until the company returns to the black.
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