At an extraordinary general meeting in Bonn, Germany, more than 91% of SolarWorld's voting shareholders agreed to implement capital measures to restructure the company's financial position and balance sheet.
‘Our restructuring concept has been accepted by an overwhelming majority of all parties. Thanks to the decisions of noteholders and shareholders, SolarWorld will stand on a stable financial foundation again,’ says SolarWorld CEO Frank Asbeck. ‘We will now implement the approved measures with due care as quickly as possible.’
The company also says Asbeck's appointment as CEO will extend five more years, until Jan. 9, 2019.
SolarWorld experienced heavy losses and a sharp decline in solar panel shipments in the first quarter of this year.
SolarWorld says the restructuring package's key element is a considerable cut in its debt. About 55% of the company's liabilities will be converted into shares. SolarWorld's shareholders had to agree to a capital reduction followed by an issuance of new shares.
On June 18, SolarWorld announced that Qatar Solar S.P.C. of Doha, Qatar, and Asbeck intend to purchase SolarWorld's new share capital. As a new investor, Qatar Solar is expected to acquire a 29% stake in the financially reformulated company. Through private investment, Asbeck will acquire a 19.5% stake. A 5% holding of the existing shareholders, after the implementation of the capital increase in kind, remains unaffected.