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FINANCIAL NEWS
SolarWorld shareholders pave the way for Qatar Solar stake deal
10 Aug 2013
(MENAFN) Shareholders of German SolarWorld have approved a wide-ranging restructuring plan, paving the way for Qatar Solar bid for a stake ib what was once a leader solar firm, Reuters reported.
Holders of SolarWorld’s two convertible bonds, worth a combined USD732 million, had given their consent earlier this week, effectively taking a 55 percent haircut on SolarWorld’s debt.
Approval by SolarWorld’s shareholders was the last hurdle the group needed to push through its restructuring, under which Qatar Solar will take a 29-percent stake.
During the last decade, SolarWorld was part of a group of solar companies that grew from small start-ups into global market leaders, boosted by lavish subsidies for solar power in their German home market.
However, in the wake of the global economic and financial crisis, government subsidies for solar power declined and prices witnessed a sharp fall, leading to billions of dollars in losses in the sector.
As part of the restructuring, SolarWorld founder Frank Asbeck will invest USD13.37 million of private funds, giving him a 19.5 percent in the company. He currently holds 27.84 percent.
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