After a year-long process, Germany-based SolarWorld AG has successfully completed its financial restructuring, reducing its liabilities by 57%, with the remaining financial liabilities totaling EUR 427 million.
A part of these were converted into two new secured bonds with terms of five years. Listing at the stock exchanges of both the new shares and bonds is expected to take place on March 5.
In parallel to the financial restructuring, the group says it has pressed ahead with a comprehensive program to reduce costs and increase efficiency, which is already taking effect. Furthermore, SolarWorld has gained a strategic investor, Qatar Solar Technologies.
‘We have done our homework and, in this way, created favorable conditions to continue our business successfully and return to profitability in 2015,’ says Frank Asbeck, CEO of SolarWorld AG.
In January 2013, the company first announced it was preparing for"serious adjustments on the debt side," in light of financial woes during an"anticompetitive market environment."