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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