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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