30 Apr '13, 3pm

Solarworld Net Loss Widens, Proposes Debt-to-Equity Swap after 2012 Loss Widens

Solarworld Net Loss Widens, Proposes Debt-to-Equity Swap after 2012 Loss Widens

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. As part of the capital increase, about 60 percent of liabilities will be discharged by a debt-to-equity-swap, Solarworld said. The deal is subject to the approval of committees, it said. “For the company and employees it’s good news that a solution has been found for at least a part of its debt pie,” Stefan Freudenreich, an analyst at Equinet Bank AG in Frankfurt , said by phone. “For current equity holders it’s bad news as they will lose almost everything.” Solarworld, which yesterday said its 2012 net loss widened 55 percent to 476.9 million euros ($624 mi...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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