Obbligazioni in default Ristrutturazione SolarWorld 6,125% 2016 (XS0641270045) 6,375% 2017 (XS0478864225) (2 lettori)

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Forumer storico
Germany's Solarworld Working on Qatari-Backed Rescue Plan-Sources

By Dow Jones Business News, April 19, 2013, 01:02:00 PM EDT

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By Hendrik Varnholt and Eyk Henning
FRANKFURT--Troubled German solar company Solarworld AG (SWV.XE) is working on a plan in which current creditors will take over the company almost entirely in a debt-to-equity swap backed by a Qatari investor, three people familiar with the negotiations said Friday.
Under the plan, the company's shareholders will likely end up with a less than 5% stake in Solarworld, while creditors will take the majority, roll parts of their debt into longer dated maturities and/or forego on parts of their claims in a so called 'haircut', these people say. An agreement could be reached by mid-May, one of the sources said.
In one of the scenarios discussed, creditors would be paid out around 7% in cash over the next two years and would prolong the maturity of around one third of the debt outstanding, two of these people say, adding that the remainder would be swapped into equity.
It also foresees that a Qatari investor, which backs a silicon joint venture between The Qatar Foundation and Solarworld, will provide either fresh equity or guarantees for the part of the debt to be prolonged, these people say.
Up to EUR200 million would be needed to secure the prolonged debt, an institutional bondholder said, adding that Solarworld's creditors mandated Macquarie Group to help with the restructuring. Solarworld wasn't immediately available for a statement and Macquarie declined to comment.
German solar companies, once a showcase industry in the global renewable energies sector, were hit hard by the rise of Asian competitors that built up massive production capacities over the past few years.
The resulting global overcapacities triggered plummeting prices for solar panels that resulted in significant revenue declines for the component makers. The pressure on the industry was exacerbated by subsidy cuts across Europe, making solar projects less attractive.
Germany based Q-Cells, once the world's biggest solar-cell maker, filed for insolvency last year before South Korean industrial conglomerate Hanwha Corp. (000880.SE) snapped up the company.
Write to Eyk Henning at [email protected]
(END) Dow Jones Newswires
04-19-131302ET
Copyright (c) 2013 Dow Jones & Company, Inc.
 

Cat XL

Shizuka Minamoto
Solarworld

Solarworld

SWVGR EUR 6.375% July 2016 16 – 20
SWVGR EUR 6.125% January 2017 18 – 22

Preliminary 2012 results
Yesterday the company announced its preliminary results for 2012. Revenues declined by about 42% to €606m mainly driven by price declines of about 40%. In 2012 EBIT has worsened to a negative €492.4m vs. negative €244m in 2011 and was impacted by an impairment charge of €176m. Net loss also worsened and amounted to -€477m in 2012 vs. net loss of -€307m in 2011. At the end of 2012, the group's liquid funds amounted to €224m vs. €553m at the end of 2012. "The individual financial statements of the parent company SolarWorld AG, state a negative net result not covered equity capital”.
 

iguanito

Forumer storico
Solarworld

SWVGR EUR 6.375% July 2016 16 – 20
SWVGR EUR 6.125% January 2017 18 – 22

Preliminary 2012 results
Yesterday the company announced its preliminary results for 2012. Revenues declined by about 42% to €606m mainly driven by price declines of about 40%. In 2012 EBIT has worsened to a negative €492.4m vs. negative €244m in 2011 and was impacted by an impairment charge of €176m. Net loss also worsened and amounted to -€477m in 2012 vs. net loss of -€307m in 2011. At the end of 2012, the group's liquid funds amounted to €224m vs. €553m at the end of 2012. "The individual financial statements of the parent company SolarWorld AG, state a negative net result not covered equity capital”.
Mi piacerebbe capire perchè a francoforte il bond segna un rialzo del 10%
 

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