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German solar giant announces debt restructuring

German solar panel producer, SolarWorld (FWB:à‚ SWV), saw its share price drop this week when it announced debt restructuring.

The manufacturer most active in petitioning the EU and U.S. authorities to bring anti-dumping duties against Chinese imports stated on its website that “the management is of the opinion that serious adjustments on the debt side are necessary, in particular with regard to the bonds and the assignable bank loans”.
Management added in the statement that there is “a predominant degree of probability” of being able to restructure the company’s debts.

Business newswire Bloomberg has estimated that the Bonn-based manufacturer has $538m of bonds and loans maturing in 2016 with a further $537m due to be repaid a year later.

More redundancies would be required at the group, on top of the 250 announced last year.

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