Heavily indebted Solarworld AG (SWV.XE) said Wednesday it aims for approval of its debt restructuring from noteholders and shareholders by August.
Heavily indebted Solarworld AG (SWV.XE) said Wednesday it aims for
approval of its debt restructuring from noteholders and shareholders by August.
"In the next three months, we want to close negotiations with all
creditors constructively and thus be able to build a good future for
Solarworld," said Frank Asbeck, chief executive officer of the German
solar equipment maker.
After steep price declines of solar cells and modules led to losses, the
company had proposed a debt-to-equity swap to lessen its debt burden.
Creditors are to appoint a noteholders' representative for further negotiations
in early July, the company said in a statement, after an investor
representative said earlier the noteholders' meeting Wednesday doesn't have the
quorum necessary to determine a representative.
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