Solarworld Proposes Debt-to-Equity Swap After 2012 Loss Widens
This article is for subscribers only.
Solarworld AG made a preliminary agreement with most of its creditors that will allow Germany’s biggest maker of solar panels to reduce its noncurrent liabilities by about 60 percent.
Solarworld will propose a capital reduction of about 95 percent, combined with a capital increase against contribution in kind to an extraordinary shareholders meeting, the Bonn-based company said today in a statement today. The preliminary deal was struck with creditors representing about 80 percent of loans, it said.