SolarWorld to hold extraordinary shareholders' meeting


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.

Popular content

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:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

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.