Phoenix Solar faces delays in negotiations

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The considerable FIT cuts in Phoenix Solar’s key markets recently has led to the need for previously submitted restructuring and business development plans to be reconsidered. Phoenix Solar had submitted the plans based on the previous situation in the market for the coming years to the financing parties in December last year.

The financing renegotiations have now been delayed and the moratorium, agreed upon with the banks, other bilateral lenders, guarantors plus trade credit insurers, was extended to the end of March, to enable financing negotiations to continue on the basis of the adjusted restructuring plan.

Furthermore, financial and annual reports for 2011 are now delayed, as are the quarterly reports, which were scheduled for May 10.