After posting a 22% year-over-year revenue decrease in its 2012 financial figures, Germany-based Centrosolar AG has announced a comprehensive restructuring program.
The first pillar of the program calls for an operational reorganization to allow the company to operate on a lower market volume. It will involve reducing costs over and above the measures already implemented last year, Centrosolar says. Some administrative functions will now be handled centrally, and sales operations will be refocused.
In addition, administrative operations in the holding company and the group companies will be significantly scaled back. Senior management employees will be deferring a significant portion of their remuneration to help the company.
Centrosolar also plans to restructure its balance sheet by converting bonds, raising funding through a capital increase and working with its creditors to defer interest and capital repayments until the end of 2013.
Finally, the Centrosolar Glas segment will see capacity reductions at its factory in Germany.