SolarWorld’s main objectives of the noteholder’s meetings is to appoint creditor representatives and outline its efforts to restructure. These appointed representatives will embark on negotiating the restructuring of the two outstanding bonds.
The first two meetings on May 22 and 23 did not gather enough noteholders to appoint a joint representative. The number of noteholders who attended represented a value that was less than half of the outstanding bond. The second meetings do not need the minimum number to pass the resolution concerning the appointment of a representative.
The Management Board at SolarWorld will also report on the status of the restructuring process at the meetings. It is expected that the company will be able to present a concrete proposal within the next weeks.