DGAP-News: SolarWorld AG / Key word(s): Capital
Reorganisation/Miscellaneous
SolarWorld AG successfully closes financial restructuring
24.02.2014 / 11:56
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With the entry of the implementation of the swap capital increase against
contributions in kind in the Commercial Register of the Bonn District
Court, the financial restructuring of SolarWorld AG was closed today as
planned. After a year, therefore, SolarWorld AG has successfully completed
its financial restructuring, a necessary undertaking in light of crisis in
the solar industry.
Through the financial restructuring, the SolarWorld Group was able to
reduce its financial liabilities by 57 percent. The remaining financial
liabilities total EUR 427 million. A part of these were converted into two
new secured bonds with terms of five years.
The new shares and bonds shall be admitted to the Regulated Market on the
Düsseldorf Stock Exchange and/or the Frankfurt Stock Exchange on Feb. 26,
2014. Listing at the stock exchanges of both the new shares and bonds is
expected to take place on March 5, 2014.
Futhermore, SolarWorld has gained a strategic investor, Qatar Solar
Technologies (QSTec). "The investment of Qatar Solar in SolarWorld will
positively accelerate the advancement of the integrated development of
Qatar Solar Industry locally and internationally," said Dr. Khalid Klefeekh
Al Hajri, Chairman and Chief Executive Officer of Qatar Solar Technologies
(QSTec) at a visit to the production site of Bosch Solar Energy AG in
Arnstadt, Thuringia (Germany). SolarWorld will take over cell and module
production at this location soon.
"We are now back on a firm financial footing," stated Dipl.-Kfm. tech.
Philipp Koecke, Chief Financial Officer of SolarWorld AG, upon completion
of the restructuring measures.
In parallel to the financial restructuring, the group has pressed ahead
with a comprehensive program to reduce costs and increase efficiency, which
is already taking effect. "We have done our homework and in this way
created favorable conditions to continue our business successfully and
return to profitability in 2015," said Dr.-Ing. E. h. Frank Asbeck, Chief
Executive Officer of SolarWorld AG. "A decisive factor will be success with
our customers. We have consistently increased the quality and performance
of our products during the industry crisis. SolarWorld has remained true to
itself and its standards. We supply an all-round valuable product, setting
us apart from the competition. This is the path for us to follow in the
future," said Asbeck.
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 2,400 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 â
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
Martin-Luther-King-Str. 24
53175 Bonn/Germany
Tel.: +49 (0) 228/55920-409
E-Mail: presse@solarworld.de
Internet: www.solarworld.de
End of Corporate News
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24.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: SolarWorld AG
Martin-Luther-King-StraÃe 24
53175 Bonn
Germany
Phone: +49 (0)228 - 559 20 470
Fax: +49 (0)228 - 559 20 9470
E-mail: placement@solarworld.de
Internet: www.solarworld.de
ISIN: DE000A1YCMM2, DE000A1YDED6, DE000A1YDDX6, DE000A1YCN14
WKN: A1YCMM
Listed: Regulierter Markt in Düsseldorf, Frankfurt (Prime
Standard); Freiverkehr in Berlin, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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253925 24.02.2014
DGAP-News: SolarWorld AG successfully closes financial restructuring
| Source: EQS Group AG