Noteholders back SolarWorld restructuring

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.