Days after it was kicked out of Germanys stock exchange, the German photovoltaic manufacturer has announced the postponement of its 2012 financial report, due out on March 21. It has declined to set a new date.
The reason cited is SolarWorlds ongoing restructuring, which was initially announced at the end of January in a statement, which read, "The management is of the opinion that serious adjustments on the debt side are necessary, in particular with regard to the bonds and the assignable bank loans."
In todays announcement, the company said it is currently working on a plan with Görg law firm and Houlihan Lokey investment bank. It added that creditor discussions are "proceeding constructively." When a new concept has been approved, SolarWorld has said it will release its financial results.
Business newswire Bloomberg estimated in January that the Bonn-based manufacturer has 400 million (US$538m) of bonds and loans maturing in 2016 with a further 400 million due to be repaid a year later.
Meanwhile, also in January, Reuters reported that SolarWorld chief executive Frank Asbeck said holders of bonds set to mature in July 2016 and January 2017 would be hardest hit.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.