13 Jul '17, 9pm

SolarWorld Americas Secures $6 Million Cash Infusion, Cuts 360 Jobs

SolarWorld Americas has secured a lifeline. The financially troubled solar manufacturer announced yesterday that lenders have agreed to immediately forward $6 million in cash, which will allow the firm to stabilize operations and fight a high-stakes U.S. solar trade dispute. Lenders will also permit the Hillsboro, Ore.-based company to sell any assets not required for operations, including a warehouse and land next to its factory, and put the proceeds back into the business. SolarWorld leadership expects these sales, coupled with the $6 million, to result in a combined cash infusion in the "double-digit-million-dollar range." “This financial reinforcement is good for our customers and suppliers alike,” said Juergen Stein, president of SolarWorld Americas, in a statement. “It means quite simply that we can reassure our business partners that we will remain a reliable force ...

Full article: https://www.greentechmedia.com/articles/read/solarworld-a...

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