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 AGs 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 groups debt from the current 1.2 billion to 400 million.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.