SolarWorld to complete restructuring in February after court ruling

By Caroline Salls

Pittsburgh, Jan. 13 - SolarWorld AG received approval from the Higher Regional Court Cologne in connection with the implementation of resolutions passed by holders of the company's 6 1/8% notes due 2017 and its shareholders, according to a news release.

SolarWorld said its final restructuring agreement has been signed by all creditor groups, noteholder representatives and new investor Qatar Solar SPC. As a result, the company's management board assumes that the balance sheet restructuring will be concluded as planned in February.

According to the release, resolutions were passed previously allowing the reduction of capital stock to €744,800 from €111.72 million and the increase of the reduced capital stock by contribution in kind to €14.9 million from €14.15 million.

The company said resolutions from a meeting of the holders of its 6 3/8% notes due 2016 can also now be implemented.

SolarWorld said the Higher Regional Court decided that complaints lodged against the resolutions of the Aug. 6 noteholders' meeting and the Aug. 7 shareholders' meeting do not hinder the implementation of the resolution or its commercial registration, and that any flaws of the resolution do not impinge upon the effectiveness of the registration.

SolarWorld is a Bonn, Germany, solar panel maker.

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