Solarworld Americas expects a »double-digit-million-dollar infusion of cash«
Post date: 13/07/2017 - 18:26
Solar manufacturer Solarworld Americas Inc., announced that it expects »a double-digit-million-dollar infusion of cash to enable the company to stabilize and optimize operations through 2017 and beyond.« Lenders of Solarworld »have agreed immediately to forward $6 million in cash to the US company,« said Juergen Stein, president of Solarworld Americas. According to the company, the lenders also will permit Solarworld to sell assets and put the proceeds to use in funding operations. In the near term, the company expects such a sale to result in a total, combined cash infusion in the double-digit-million-dollar range. Solarworld Americas’ parent company, German Solarworld AG, and several sibling subsidiaries are operating under insolvency proceedings in Europe. Solarworld Americas continues to operate outside any similar proceedings, said the company.
According to local news portal »Oregonlive«, Solarworld »eliminated 360 jobs in the last month and seen other attrition that has reduced its headcount from about 800 to 300.« The company had notified Oregon employment officials that it expected to cut at least 500 jobs and as many as 711.