SolarWorld AG comes to preliminary agreement with major creditors of assignable loans (Schuldscheine)
regarding essential economic principles for restructuring of financial liabilities
Ad-hoc-Announcement according to § 15 WpHG
SolarWorld AG came to a mutual understanding with creditors of assignable loans (Schuldscheine) representing about 80 percent of the outstanding assignable loans debt with regard to essential economic principles of a concept for restructuring SolarWorld’s financial liabilities. This preliminary agreement is still subject to the approval of all committees. The plan will enable the company to reduce its noncurrent liabilities by approximately 60 percent. As a further component, a capital reduction of about 95 percent in combination with a capital increase against contribution in kind will be suggested to an extraordinary shareholders’ meeting of SolarWorld AG. As part of the capital increase, a significant proportion of financial liabilities (about 60 percent) is to be discharged by a debt-to-equity-swap.
In all material respects, the creditors of two bonds (ISIN XS0478864225 and ISIN XS0641270045) will receive treatment equal to that of the other non-secured financial creditors of the company. To take the bondholders’ interests into account to the best possible extent, creditor meetings will be convened shortly to enable the bondholders to each appoint a joint agent.
Bonn, April 30, 2013
SolarWorld AG Investor Relations
Telephone: +49 228/55920-470