German court approves SolarWorld's restructuring plan

The Higher Regional Court of Cologne, Germany, has given German PV manufacturer SolarWorld AG permission to implement its restructuring plan. The company’s CFO Philipp Koecke said that the court’s decision will enable SolarWorld to implement the plan »precisely within our self-defined schedule.« According to the restructuring plan, UAE-based Qatar Solar S.P.C will, after a capital increase, purchase 29% of SolarWorld’s share capital. At the same time, company CEO Frank Asbeck will purchase 20% of the share capital for approximately €10 million ($13.3 million). Proceeds from these investments totaling approximately €46 million will be paid to creditors, who will themselves exchange 55% of their claims into shares.
In late November, SolarWorld agreed to acquire Bosch’s cell and module production facility in Arnstadt, Germany and other unspecified assets of Bosch Solar Energy AG. The company expects to complete the transaction by the end of February 2014. Bosch’s cell and module factory in Arnstadt employs 1,500 people and has a cell and module production capacity of 200 MW and 700 MW, respectively.

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