Beleaguered German solar panel manufacturer SolarWorld AG today took another step towards a restructuring of the company intended to reduce its debts.
The first of three crucial votes in three days endorsed the Bonn-based company‘s restructuring proposals.
With 35.78 per cent of the holders of the company's outstanding 2011/16 notes present at a vote in Bonn the necessary quorum was 25 per cent 99.96 per cent of the noteholders backed a proposed debt to equity swap.
The next hurdle comes tomorrow when holders of the outstanding 2010/17 notes will vote on the same plans.
If tomorrow's show of hands endorses the restructuring, an extraordinary shareholders' meeting will be held on Wednesday to vote on the plans.
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.