The noteholders of SolarWorld AG gathered today in Bonn and adopted the resolution proposed under agenda item 2 regarding the appointment of attorney Alexander Elsmann as the representative of all noteholders. Elsmann's job would be to pool and represent the interests of the noteholders amidst the current restructuring process.
A majority, namely 99.51%, adopted the resolution. At the second noteholders' meeting today a quorum was no longer required to appoint the holders' representative as the proposed resolution had already attained a majority. Frank Asbeck, Chief Executive Officer of SolarWorld AG said, "We welcome the appointment of the holders representative and look forward to a constructive working relationship with Mr. Elsmann."
The first two noteholders' meetings held by SolarWorld AG did not reap any benefits as noteholder participation was too low. The main objectives of the meetings was to appoint creditor representatives and outline the company's efforts to restructure. These appointed representatives will embark on negotiating the restructuring of the two outstanding bonds.
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