SolarWorld Successfully Secures Approvals for Financial Restructuring
Frank Asbeck, chairman and CEO of SolarWorld: “Approval of our financial
restructuring gives SolarWorld’s business a boost so we can continue to lead
the solar industry in technology and quality.”
BONN, Germany -- August 7, 2013
At an extraordinary general meeting today in Bonn, Germany, more than 91
percent of SolarWorld’s shareholders voting agreed to implement capital
measures to restructure the company’s financial position and balance sheet. On
Aug. 5 and 6, more than 99 percent of voting holders of SolarWorld’s two notes
also accepted the package. As a result, the road to restructuring is clear.
Furthermore, Dr. Claus Recktenwald, chairman of SolarWorld’s Supervisory
Board, announced that Asbeck’s appointment as CEO will extend five more years,
until Jan. 9, 2019.
Asbeck said: “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. We
will now implement the approved measures with due care as quickly as
possible.” SolarWorld’s Management Board assumes that the debt-restructuring
resolutions can be carried out between November 2013 and February 2014.
“Today’s agreement sends a strong signal to the industry: SolarWorld stands
for continuity and reliability. Customers, business partners and employees can
again have confidence in the company’s financial stability. As always, we
strive to be the industry leader in technology and quality, while passing cost
reductions based on our self-developed innovations on to our customers,”
The package’s key element is a considerable cut in SolarWorld’s debt. About 55
percent of the company’s liabilities will be converted into shares. Toward
this end, 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 percent stake in the financially
reformulated company. Through private investment, Asbeck will acquire a 19.5
percent stake. A 5 percent holding of the (existing) shareholders after the
implementation of the capital increase in kind remains unaffected.
SolarWorld manufactures solar power systems and in doing so contributes to a
cleaner energy supply worldwide. The company, located in Bonn, employs
approximately 2,500 people and carries out production in Freiberg, Germany,
and Hillsboro, Ore., USA. From raw material silicon to the solar module,
SolarWorld manages all stages of production ‒ including its own research and
development. Through an international distribution network, SolarWorld
supplies customers all over the world with solar modules and complete systems.
The company maintains high social standards at all locations across the globe,
and has committed itself to resource- and energy-efficient production.
SolarWorld has been publically traded on the stock market since 1999. More
information at www.solarworld.de/en.
Investor Relations, +49 228 55920-470
Fax: +49 228 55920-9470
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