SolarWorld AG, Germany's largest solar PV maker has secured approvals for financial restructuring at an extraordinary general meeting in Bonn.
4-Traders reports that over 91 percent of the company’s shareholders who voted agreed to implement capital measures to restructure the company's financial position and balance sheet.
This follows votes on August 5 and 6 in which over 99 percent of voting holders of SolarWorld's two notes also accepted the package.
Frank Asbeck, chairman and CEO of SolarWorld said in a statement, "Approval of our financial restructuring gives SolarWorld's business a boost so we can continue to lead the solar industry in technology and quality."
The key element of the financial restructuring is a substantial cut in the company’s debt. SolarWorld's shareholders agreed to a capital reduction followed by an issuance of new shares. As such, around 55 percent of the SolarWorld's liabilities will be converted into shares.
SMH reports that Solarworld’s position as one of the world’s largest solar wafer producers has been overtaken in recent years by Chinese competitors.
Data compiled by Bloomberg shows that, in 2009, the company was the second largest producer, while today it places only ninth. Its revenue fell by more than half to 606 million euros last year from a peak of 1.3 billion euros in 2010.