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.
Popular content
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: editors@pv-magazine.com.
Share
Related content
Elsewhere on pv magazine...
This website uses cookies to anonymously count visitor numbers. View our privacy policy.
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.