(Corrects amount of debt cut in headline and second paragraph.)
Feb. 24 (Bloomberg) -- Solarworld AG, Germany’s biggest solar-panel maker, cut in half its financial liabilities of about 1 billion euros ($1.38 billion) as it completed a restructuring of its debt.
Solarworld has liabilities of 427 million euros after a swap capital increase against contributions in kind, a transaction that reduced the level by 570 million euros, the Bonn-based company said today in a statement. Solarworld, which gained an investor in Qatar Solar Technologies, is also seeking to reduce costs and increase efficiency, it said.
“We have done our homework and in this way created favorable conditions to continue our business successfully and return to profitability in 2015,” Chief Executive Officer Frank Asbeck said.
More than a dozen German companies including Q-Cells SE, once the world’s largest cell maker, and Solar Millennium AG have filed for insolvency in the past two years, with Chinese rivals blamed for selling below cost. Solarworld earlier this month won backing from the U.S. International Trade Commission for its complaint against panel imports from Taiwan and China. The company started its restructuring in January 2013.
Part of Solarworld’s remaining debt was converted into two new secured bonds with terms of five years, the company said. The new shares and bonds are expected to be listed on the stock exchange as of March 5, it said.
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