SolarWorld restructuring is cleared


SolarWorld CEO Frank Asbeck today struck a characteristically triumphal note as he announced: "The year 2014 marks the birth of a new SolarWorld."

Asbeck made his upbeat assessment after news broke that the Higher Regional Court of Cologne had removed the last obstacles to a protracted attempt by the German solar company to restructure its debts.

Plans for creditors to take a 45% haircut and see the remaining 55% owed them swapped for equity in a restructured SolarWorld – voted through by noteholders and shareholders in August – had been delayed by legal complaints about the nature of the meetings at which the votes were held.

But today the Cologne court decreed any irregularities should not obstruct the restructuring from proceeding leading SolarWorld to predict, in a press release on its website, that the plans would be completed on schedule next month.

The restructuring proposals have also been backed by new investor Qatar Solar SPC.

In attempting to draw a line under turbulent times for the company, which the SolarWorld statement put down to Chinese solar manufacturing overcapacity and ‘dumping prices’, the company predicted the planned acquisition of Bosch Solar‘s German manufacturing operations at the end of February would see SolarWorld become the ‘largest Western manufacturer of crystalline solar technology in the world.’