As anticipated, the proposed restructure of debt laden German solar company SolarWorld AG came another step nearer after a vote among noteholders in Bonn today.
Following yesterday's yes vote from the 99.96 per cent of the 35.78 per cent of outstanding holders of SolarWorld 2011/16 notes, there was another resounding endorsement of restructuring plans from representatives of the other oustanding notes, for 2010/17 creditors.
With a quorum of 25 per cent of outstanding noteholders again required, some 37.8 per cent of noteholders were represented in Bonn and an even more emphatic 99.8 per cent of representatives backed a proposed debt for equity swap intended to reduce SolarWorld‘s debt pile.
The final hurdle to overcome will be faced tomorrow (Wednesday), when the restructuring proposals are put to the vote of an extraordinary shareholders' meeting, again in Bonn.
Götz Fischbeck, of German private bank Bankhaus Lampe told pv magazine, though, the most difficult obstacles to the restructure had now been overcome.
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