March 12 (Bloomberg) -- Solarworld AG, Germany’s biggest solar-panel maker, postponed the release of its 2012 financial report as talks with creditors over its debt continue.
Solarworld delayed the release scheduled March 21 to an unspecified date in the future due to “ongoing restructuring negotiations with its creditors,” the Bonn-based company said today in a statement.
“Talks with creditors are proceeding constructively,” Solarworld said. It’s working on a “restructuring concept” with German law firm Goerg and Los Angeles-based financial adviser Houlihan Lokey, it said.
Competition mainly from Chinese companies cut solar panel prices by half in 2011 and another 24 percent last year. That tipped more than a dozen companies into bankruptcy including Solar Millennium AG and Q-Cells, once the world’s largest producer of power-generating cells.
Solarworld, which said in January it needs to make “serious adjustments” to its debt structure, has lost money in four of the past five quarters and reported net debt of 805.2 million euros ($1.05 billion) at the end of September. It has 150 million euros of bonds due in 2016, and 400 million euros of bonds due in 2017, according to data compiled by Bloomberg.
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