25/02/2014

SolarWorld AG successfully closes financial restructuring

With the entry of the implementation of the swap capital increase against contributions in kind in the Commercial Register of the Bonn District Court, the financial restructuring of SolarWorld AG was closed today as planned. After a year, therefore, SolarWorld AG has successfully completed its financial restructuring, a necessary undertaking in light of crisis in the solar industry.

Through the financial restructuring, the SolarWorld Group was able to reduce its financial liabilities by 57 percent. The remaining financial liabilities total € 427 million. A part of these were converted into two new secured bonds with terms of five years.

The new shares and bonds shall be admitted to the Regulated Market on the Düsseldorf Stock Exchange and/or the Frankfurt Stock Exchange on Feb. 26, 2014. Listing at the stock exchanges of both the new shares and bonds is expected to take place on March 5, 2014.

Futhermore, SolarWorld has gained a strategic investor, Qatar Solar Technologies (QSTec). “The investment of Qatar Solar in SolarWorld will positively accelerate the advancement of the integrated development of Qatar Solar Industry locally and internationally,” said Dr. Khalid Klefeekh Al Hajri, Chairman and Chief Executive Officer of Qatar Solar Technologies (QSTec) at a visit to the production site of Bosch Solar Energy AG in Arnstadt, Thuringia (Germany). SolarWorld will take over cell and module production at this location soon.

“We are now back on a firm financial footing,” stated Dipl.-Kfm. tech. Philipp Koecke, Chief Financial Officer of SolarWorld AG, upon completion of the restructuring measures.

In parallel to the financial restructuring, the group has pressed ahead with a comprehensive program to reduce costs and increase efficiency, which is already taking effect. “We have done our homework and in this way created favorable conditions to continue our business successfully and return to profitability in 2015,” said Dr.-Ing. E. h. Frank Asbeck, Chief Executive Officer of SolarWorld AG. “A decisive factor will be success with our customers. We have consistently increased the quality and performance of our products during the industry crisis. SolarWorld has remained true to itself and its standards. We supply an all-round valuable product, setting us apart from the competition. This is the path for us to follow in the future,” said Asbeck.

Source: SolarWorld AG/solarworld.de