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SolarWorld AG expects noteholders’ approval for restructuring concept on August 5 and 6, 2013

10-07-13

• Second noteholders’ meeting on the restructuring concept for note
ISIN: XS0641270045 // WKN: A1H3W6 (2011/2016) expected to take place on August 5, 2013 in Bonn
• Second noteholders’ meeting on the restructuring concept for note
ISIN: XS0478864225 // WKN A1CR73 (2010/2017) expected to take place on August 6, 2013 in Bonn

SolarWorld AG will invite all holders of its two notes to second noteholders’ meetings on 5 and 6 August respectively for the purpose of passing anew the resolution regarding its restructuring concept. The first noteholders’ meetings for both SolarWorld AG notes on 8 and 9 July were, as expected, unable to pass any resolutions regarding the proposed restructuring concept for the company, because less than required quorum of 50 percent of outstanding notes were represented at both meetings. At the meeting for the 2011/2016 bond, 21.93 percent were represented. The 2010/2017 bond meeting reached 18.18 percent.

Pursuant Sec. 15 (3) of the German Act on Notes issued as part of an Aggregate Issue (Gesetz über Schuldverschreibungen aus Gesamtemissionen; German Bond Act – “SchVG”) SolarWorld AG is going to convene a second noteholders’ meeting on the restructuring concept. The Schuldverschreibungsgesetz (German Bond Act – “SchVG”) prescribes a quorum of at least 25 percent of outstanding notes in order to adopt a resolution regarding the proposed restructuring concept. The resolutions require a majority of 75 percent.

A large number of institutional investors which didn’t participate on July 8 and July 9 have announced that they would be exercising their voting rights at the subsequent meeting.

“I am certain that we will reach the required quorum of noteholders, as well as the necessary majority for our restructuring concept at the two second noteholders’ meetings,” stated Dr.-Ing. E. h. Frank Asbeck, Chief Executive Officer of SolarWorld AG. “Our proposed plan will allow the noteholders to recover considerably more than they would in the case of SolarWorld AG’s failure. The restructuring will, however, only be successful and will have a positive outcome in favor of the noteholders if they use their right of co-decision. I therefore ask all noteholders to register for the second noteholders’ meeting in August, or issue power of attorney,” added Asbeck.

The invitations to the second noteholders’ meeting shall be published soon in the Federal Gazette (Bundesanzeiger) and on the homepage of SolarWorld AG at www.solarworld.de/noteholders-meeting. An information memorandum, describing the restructuring concept in detail, can also be retrieved from the website. Noteholders may also subscribe to a newsletter with regular information on the above website.

As already reported, the noteholders of the two notes adopted resolutions to appoint Mr. Alexander Elsmann, attorney, (for the 2011/2016 note) and G&P GmbH & Co. KG, represented by Mr. Frank Günther, (for the 2010/2017 note) as holders’ representatives endowed with the rights provided by law at further noteholders’ meetings that also took place on 8 and 9 July.

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@solarworld.de; Internet: www.solarworld.de/en/investor-relations



 
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