DGAP-News: SolarWorld AG successfully secures approvals for financial restructuring
(firmenpresse) - DGAP-News: SolarWorld AG / Key word(s): AGM/EGM/Capital Reorganisation
SolarWorld AG successfully secures approvals for financial
restructuring
07.08.2013 / 22:43
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SolarWorld AG successfully secures approvals for financial restructuring
Dr.-Ing. E. h. Frank Asbeck, chairman and CEO of SolarWorld: 'Approval of
our financial restructuring gives SolarWorld's business a boost so we can
continue to lead the solar industry in technology and quality.'
At an extraordinary general meeting today in Bonn, Germany, with 99.1
percent of SolarWorld AG's shareholders voting agreed to implement capital
measures to restructure the company's financial position and balance sheet.
On August 5 and 6, more than 99 percent of voting holders of SolarWorld's
two notes also accepted the package. As a result, the road to restructuring
is clear.
Furthermore, Dr. Claus Recktenwald, chairman SolarWorld's Supervisory
Board, announced that Asbeck's appointment as CEO will be extended by five
more years until Jan. 9, 2019.
Asbeck said: 'Our restructuring concept has been accepted by an
overwhelming majority of all parties. Thanks to the decisions of
noteholders and shareholders, SolarWorld will stand on a stable financial
foundation again. We will now implement the approved measures with due care
as quickly as possible.' SolarWorld's Management Board assumes that the
debt-restructuring resolutions can be carried out between November 2013 and
February 2014.
'Today's agreement sends a strong signal to the industry: SolarWorld stands
for continuity and reliability. Customers, business partners and employees
can again have confidence in the company's financial stability. As always,
we strive to be the industry leader in technology and quality, while
passing cost reductions based on our self-developed innovations on to our
customers,' Asbeck said.
The package's key element is a considerable cut in SolarWorld's debt. About
55 percent of the company's liabilities will be converted into shares.
Toward this end, SolarWorld's shareholders had to agree to a capital
reduction followed by an issuance of new shares.
On June 18, SolarWorld announced that Qatar Solar S.P.C. of Doha, Qatar,
and Asbeck intend to purchase SolarWorld's new share capital. As a new
investor, Qatar Solar is expected to acquire a 29 percent stake in the
financially reformulated company. Through private investment, Asbeck will
acquire a 19.5 percent stake. The 5 percent holding of the (existing)
shareholders after the implementation of the capital increase in kind
remains unaffected.
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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07.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
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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224790 07.08.2013
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Datum: 07.08.2013 - 22:43 Uhr
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News-ID 285750
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