Nearly 100% of bondholders voted in favor of a proposed restructuring plan for Solarworld AG (SWV.XE) at a bondholders' meeting Monday, the company said, confirming information attained by Dow Jones Newswires from a person attending the meeting.
Nearly 100% of bondholders voted in favor of a proposed restructuring
plan for Solarworld AG (SWV.XE) at a bondholders' meeting Monday, the company
said, confirming information attained by Dow Jones Newswires from a person
attending the meeting.
About 36% of outstanding notes were represented at the meeting, which is more
than the 25% quorum needed, the company said. The meeting was held for holders
of a corporate bond maturing in 2016.
However, the restructuring efforts can't begin until two more go-aheads are
attained. Tuesday's bondholder's meeting for a bond maturing in 2017 will also
have to agree to the restructuring measures, as will Solarworld shareholders at
Wednesday's extraordinary general assembly.
The restructuring plan would reduce current shareholders' stake to 5%. New
shares totaling a 95% stake would then be issued to the company's creditors,
including banks and bondholders, who would reduce their claims against
Solarworld by 55%.
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