SolarWorld has received court approval for its ongoing restructuring process, the final administrative hurdle to its reorganisation.
The company’s shareholders approved the deal in August that will see Qatar Solar take a 29% stake in the company while existing shareholder will take a 95% write-down in the value of their shares. The debt for equity swap will cut 55% of SolarWorld’s liabilities.
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SolarWorld CEO Frank Asbeck will also take a 19.5% stake in the company as part of the shake-up.
“We can now implement our restructuring measures as planned. This will return SolarWorld AG to a solid financial footing,” claimed Asbeck.
“The year 2014 marks the birth of a new SolarWorld. At the same time, the new SolarWorld, with locations in Saxony, Oregon and Thuringia, remains true to old virtues: top quality and high-performance modules made in Germany and made in the United States,” he added.
At the end of 2013 an audit of SolarWorld’s finances revealed greater than expected losses of €620 million (US$846.1 million) in its 2012 accounts.