SolarWorld to hold extraordinary shareholders' meeting22. May 2013 | Global PV markets, Markets & Trends | By: Vera von Kreutzbruck
Germany-based SolarWorld AG will hold an extraordinary shareholders' meeting on July 11. Losses totaling half of the capital stock have been incurred, according to a recent company statement.
On April 30 the debt-ridden company had published losses of €0.5 billion for 2012 in its preliminary financial statements. Back then, it had suffered a significant 42% plunge in sales.
Last month, the manufacturer started discussions on debt restructuring. One possible measure is a debt to equity swap. This solution would help reduce 60% of SolarWorld's liabilities, according to a recent report published by German business news agency dpa-AFX. But this solution means that the existing shareholders will lose almost their entire share and the creditors will hold a majority stake in the business.
In related news, two creditor groups, holders of bonds issued by the company, as part of its financial restructuring efforts are currently holding talks this Wednesday and Thursday in Bonn, Germany. Apart from the debt restructuring process, the aim of the meetings is to appoint a joint representative for each bond. However, no resolutions on the bond restructuring will be passed.
On a positive note, on May 3, news agency Reuters had reported that a Qatari investor was interested in saving the indebted SolarWorld by buying a "minority stake". No new developments on this deal have been divulged yet.
Finally, the date of the annual general meeting has not been announced yet because the auditing of the 2012 financial statements has not been completed.
Additional reporting by Sandra Enkhardt.
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