DGAP-News: SolarWorld AG expects noteholders' approval for restructuring concept on August 5 and 6, 2013
(firmenpresse) - DGAP-News: SolarWorld AG / Key word(s): Capital
Reorganisation/Miscellaneous
SolarWorld AG expects noteholders' approval for restructuring concept
on August 5 and 6, 2013
10.07.2013 / 09:36
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10 July 2013
Corporate News SolarWorld AG
(Securities Code No.: WKN 510 840)
(International Securities Identification Numbers:
ISIN DE0005108401, ISIN XS0641270045 and ISIN XS0478864225)
SolarWorld AG expects noteholders' approval for restructuring concept on
August 5 and 6, 2013
- Second noteholders' meeting on the restructuring concept for note
ISIN: XS0641270045 // WKN: A1H3W6 (2011/2016) expected to take place on
August 5, 2013 in Bonn
- Second noteholders' meeting on the restructuring concept for note
ISIN: XS0478864225 // WKN A1CR73 (2010/2017) expected to take place on
August 6, 2013 in Bonn
SolarWorld AG will invite all holders of its two notes to second
noteholders' meetings on 5 and 6 August respectively for the purpose of
passing anew the resolution regarding its restructuring concept. The first
noteholders' meetings for both SolarWorld AG notes on 8 and 9 July were, as
expected, unable to pass any resolutions regarding the proposed
restructuring concept for the company, because less than required quorum of
50 percent of outstanding notes were represented at both meetings. At the
meeting for the 2011/2016 bond, 21.93 percent were represented. The
2010/2017 bond meeting reached 18.18 percent.
Pursuant Sec. 15 (3) of the German Act on Notes issued as part of an
Aggregate Issue (Gesetzüber Schuldverschreibungen aus Gesamtemissionen;
German Bond Act - 'SchVG') SolarWorld AG is going to convene a second
noteholders' meeting on the restructuring concept. The
Schuldverschreibungsgesetz (German Bond Act - 'SchVG') prescribes a quorum
of at least 25 percent of outstanding notes in order to adopt a resolution
regarding the proposed restructuring concept. The resolutions require a
majority of 75 percent.
A large number of institutional investors which didn't participate on July
8 and July 9 have announced that they would be exercising their voting
rights at the subsequent meeting.
'I am certain that we will reach the required quorum of noteholders, as
well as the necessary majority for our restructuring concept at the two
second noteholders' meetings,' stated Dr.-Ing. E. h. Frank Asbeck, Chief
Executive Officer of SolarWorld AG. 'Our proposed plan will allow the
noteholders to recover considerably more than they would in the case of
SolarWorld AG's failure. The restructuring will, however, only be
successful and will have a positive outcome in favor of the noteholders if
they use their right of co-decision. I therefore ask all noteholders to
register for the second noteholders' meeting in August, or issue power of
attorney,' added Asbeck.
The invitations to the second noteholders' meeting shall be published soon
in the Federal Gazette (Bundesanzeiger) and on the homepage of SolarWorld
AG at www.solarworld.de/noteholders-meeting. An information memorandum,
describing the restructuring concept in detail, can also be retrieved from
the website. Noteholders may also subscribe to a newsletter with regular
information on the above website.
As already reported, the noteholders of the two notes adopted resolutions
to appoint Mr. Alexander Elsmann, attorney, (for the 2011/2016 note) and
G&P GmbH&Co. KG, represented by Mr. Frank Günther, (for the 2010/2017 note) as
holders' representatives endowed with the rights provided by law at further
noteholders' meetings that also took place on 8 and 9 July.
About SolarWorld AG: SolarWorld AG manufactures solar power systems and in
doing so contributes to a cleaner energy supply worldwide. The company,
located in Bonn, employs approximately 2,500 people and carries out
production in Freiberg, Germany, and Hillsboro, USA. From raw material
silicon to the solar module, SolarWorld manages all stages of production?including its own research and development. Through an international
distribution network, SolarWorld supplies customers all over the world with
solar modules and complete systems. The company maintains high social
standards at all locations across the globe, and has committed itself to
resource- and energy-efficient production. SolarWorld has been publically
traded on the stock market since 1999. More information at
www.solarworld.de/en
Contact:
SolarWorld AG Investor Relations
Phone: +49 228 55920-470; Fax: +49 228 55920-9470,
Email: placement(at)solarworld.de; Internet:
www.solarworld.de/en/investor-relations
End of Corporate News
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10.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: SolarWorld AG
Martin-Luther-King-Straße 24
53175 Bonn
Germany
Phone: +49 (0)228 - 559 20 470
Fax: +49 (0)228 - 559 20 9470
E-mail: placement(at)solarworld.de
Internet: www.solarworld.de
ISIN: DE0005108401, XS0641270045, XS0478864225
WKN: 510840
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, München,
Stuttgart; Terminbörse EUREX
End of News DGAP News-Service
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