Days after it was kicked out of Germanys stock exchange, the German photovoltaic manufacturer has announced the postponement of its 2012 financial report, due out on March 21. It has declined to set a new date.
The reason cited is SolarWorlds ongoing restructuring, which was initially announced at the end of January in a statement, which read, "The management is of the opinion that serious adjustments on the debt side are necessary, in particular with regard to the bonds and the assignable bank loans."
In todays announcement, the company said it is currently working on a plan with Görg law firm and Houlihan Lokey investment bank. It added that creditor discussions are "proceeding constructively." When a new concept has been approved, SolarWorld has said it will release its financial results.
Business newswire Bloomberg estimated in January that the Bonn-based manufacturer has 400 million (US$538m) of bonds and loans maturing in 2016 with a further 400 million due to be repaid a year later.
Meanwhile, also in January, Reuters reported that SolarWorld chief executive Frank Asbeck said holders of bonds set to mature in July 2016 and January 2017 would be hardest hit.