SolarWorld to meet creditors, discuss restructuring

The two creditor groups, holders of bonds issued by the company as part of its financial restructuring efforts, will meet on May 22 and 23 in Bonn, Germany. The noteholders’ meetings will aim to appoint a joint representative for each bond, who will pool and represent the groups’ interests, the company said on Wednesday.

SolarWorld AG’s management board will also use the occasion to report on the status of the restructuring process. The company said the creditor meetings would not pass any resolutions on the restructuring of the bonds – something that will require further meetings to which SolarWorld said it would soon invite noteholders.

It was recently reported that Qatar Solar Technologies looks set to rescue the beleaguered company. SolarWorld CEO Frank Asbeck has confirmed that the company is in talks with a Qatari investor and that details of the deal would be unveiled at an upcoming extraordinary general meeting.

SolarWorld is also planning a debt to equity swap with leading creditors that will leave existing shareholders with the loss of nearly their entire share while creditors will receive a majority stake in the business. The move is expected to reduce the group’s debt from the current €1.2 billion to €400 million.