Showing posts with label US. Show all posts
Showing posts with label US. Show all posts

Thursday, January 24, 2013

SolarWorld Announces Major Restructure of Debt Ahead

Solarworld AG announced late Thursday that there will be large scale restructuring of its current debt structure in order to remain viable in the currently very difficult market.

SolarWorld showed a net debt of 805.2 million euros at the end of Q3, 2012 with a D/E ratio of .218 - twice that of a year prior.  Cash on hand from the Q3, 2012 report was 232 million euro.  The company has two bond payment deadlines, both in the amount of 400 million euros.  One payment is due in 2016 and the second in 2017.  

(c) pv-tech

Of note SolarWorld stated in November of 2012 that heavy losses were expected for Q4 due to oversupply of modules in the market.  SolarWorld already showed in its Q3 report EBIT losses of 190 million euro.  In trading late Thursday SolarWorld fell 1 percent to 1.6 euros, though the announcement was released after the close.