Reuters: Shareholder from Qatar may save SolarWorld

According to a report by Reuters, the Qatar Foundation is the potential prospect for the acquisition of SolarWorld’s production facilities in Germany. The press agency relies on information from an insider, and reports that the foundation holds already 29 percent of the shares of the insolvent german PV manufacturer.

On Wednesday the provisional insolvency administrator, Horst Piepenburg, had confirmed that he has been in negotiations with a prospective group of investors, who intend to take over the two production facilities, totaling 450 employees.

Piepenburg refused to comment on the Reuters report. However, he was optimistic that a short-term investor solution could be reached. The chances of reaching an agreement are higher than the chance of a breakdown innegotiations, said the insolvency administrator.

The insider confirmed to Reuters that a principle agreement had already been signed. According to the press agency this solution would also have advantages for Solarworld´s creditors. With the proceeds from the sales of the US production facilities, they could recoup part of their loans. In the event of a failure of an investor solution, on the other hand, the creditors would come away empty-handed, so Reuters.

Piepenburg also explained on Wednesday that the investor is prepared to finance the business until mid-August. This is vital, since the insolvency money expires at the end of July. This has secured the payment of wages and salaries to the employees since the opening of the insolvency proceedings.

In addition to the negotiations with the prospective investor group, there have also been discussions about the formation of a transfer company for 1,200 more employees at the two facilities in the eastern part of Germany. At the same time Piepenburg did not hold out any high hopes for the continuation of the location in Bonn and its 200 employees.