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Solarworld Creditors Meet to Vote on Plan to Save Panel Producer

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Aug. 5 (Bloomberg) -- Solarworld AG creditors met to study proposals to try to save Germany’s biggest solar-panel maker.

Solarworld noteholders are meeting today and tomorrow in Bonn to vote on a restructuring plan, a company spokeswoman said. Shareholders, who would lose 95 percent of their holdings through planned debt and capital cuts, vote on the issue Aug. 7.

“We have done everything possible to present you with a very solid and cooperative offer,” Chief Executive Officer Frank Asbeck said in a letter to the bondholders. “Under our restructuring plan, everyone with an interest in SolarWorld can contribute, but also receive something in return.”

Solarworld and its peers are battling competition from China, which cut prices about 20 percent last year. More than a dozen German businesses including Solar Millennium AG and Q-Cells SE, once the largest cell maker, fell into bankruptcy.

Qatar Solar S.P.C. is seeking 29 percent of Bonn-based Solarworld through a purchase of new equities after current share capital is cut by a ratio of 150:1, Solarworld said in June. Bondholders would receive proceeds from the Qatari deal and a separate purchase of shares by the CEO, it said.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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