Solarworld creditors approve debt restructuring plan

Jun 18, 2013 - German solar products maker Solarworld AG (ETR:SWV) said today that its creditors have cleared the restructuring of the company's financial indebtedness.

The measures to be introduced include a reduction of the company's share capital, followed by a capital increase against contribution in kind in the amount of EUR 14.1 million (USD 18.8m) as well as the participation of a Qatari investor, who will acquire new shares created by the capital increase in the amount of 29%.

In addition, Solarworld's founders and management board head will acquire a holding of 19.5% in the company. Existing shareholders will hold 5% in Solarworld after these measures are carried out.

Qatar Solar Technologies will thus contribute EUR 35 million, while founder and CEO Frank Asbeck intends to pour EUR 10 million in order to rescue the company from bankruptcy, news agency DPA-AFX reported today. Thus, the shareholding of Asbeck will drop to 1.4% from the current 28%.

Solarworld's debt currently stand at some EUR 1 billion.

The above-mentioned measures are expected to be approved by the shareholders at a meeting at the beginning of August 2013 and will be launched in the November 2013 - February 2014 period.

(EUR 1.0 = USD 1.336)

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