* SolarWorld says debt talks 'constructive'
* Annual March 21 press conference delayed
* Restructuring expert Hans-Gerd Jauch hired
* Shares up 1.3 pct, erasing earlier losses
(Recasts with company statement, adds share reaction)
DUESSELDORF/FRANKFURT, March 12 Debt-laden
SolarWorld said it was in "constructive" talks with
creditors on a restructuring plan after delaying the date for
its annual press conference.
An announcement will be made when a debt plan for Germany's
largest solar group has been approved, SolarWorld said in a
statement on Tuesday. At the end of September 2012, the company
had long-term debt of 1.03 billion euros ($1.34 billion).
"If we don't have an agreement with banks by then, an annual
press conference doesn't make any sense," Chief Executive Frank
Asbeck said after an earlier Reuters report on the delayed
SolarWorld is suffering from a crisis caused by overcapacity
of cells and modules, falling government subsidies for solar
power and cheaper Asian rivals, causing it to warn bondholders
in January of a debt restructuring.
Shares in SolarWorld were up 1.3 percent at 1.1850 euros at
SolarWorld has appointed restructuring expert Hans-Gerd
Jauch as well as investment bank Houlihan Lokey to advise it
during its current debt crisis.
Jauch, a partner at German law firm Goerg, is currently
insolvency administrator for failed German retailer Arcandor
and is considered an expert in Germany's updated
insolvency law, under which companies can file for protection
SolarWorld's news follows debt restructuring troubles at
former German heavyweights Conergy and Q-Cells
, which filed for insolvency last year after grappling
with creditors for months.
Lavish power generation subsidies made Germany the world's
largest market for solar power. Soaring costs led the government
to slash so-called feed-in tariffs, designed to make solar power
more competitive compared with conventional forms of energy
production, such as burning coal and gas.
($1 = 0.7684 euros)
(Reporting by Anneli Palmen and Alexander Huebner; Writing by
Christoph Steitz; Editing by Noah Barkin and Paul Casciato)