SolarWorld shareholders give huge props to restructuring deal
By Andy Giegerich
Digital Managing Editor
SolarWorld's restructuring deal could give the panel manufacturer new life as it addresses competitive pressures from China and a crowded U.S. market.
SolarWorld’s shareholders have overwhelmingly accepted a package that company officials believe will restructure the company’s financial position and balance sheet.
The approval “gives SolarWorld’s business a boost so we can continue to lead the solar industry in technology and quality,” said Frank Asbeck, SolarWorld’s chairman and CEO.
More than 91 percent of SolarWorld’s shareholders agreed to implement capital measures the company revealed earlier this summer.
Primarily, about 55 percent of the company’s liabilities will be converted into shares. SolarWorld had announced June 18 that Qatar Solar S.P.C. of Doha, Qatar, and Asbeck intend to purchase SolarWorld’s new share capital. Qatar Solar is expected to acquire a 29 percent stake in the financially reformulated company.
Asbeck himself will acquire a 19.5 percent stake. His CEO term was also extended by five more years, to Jan. 9, 2019.
“Thanks to the decisions of noteholders and shareholders, SolarWorld will stand on a stable financial foundation again,” Asbeck said in a statement. “We will now implement the approved measures with due care as quickly as possible.”
SolarWorld’s management board projected that the debt-restructuring resolutions will be completed by Feb. 2014.
SolarWorld employs 600 workers in Hillsboro.
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