DUESSELDORF/FRANKFURT May 7 SolarWorld
said it will meet with creditors on May 22 and May 23
to move ahead with the German solar group's planned debt
Earlier this month, SolarWorld's Chief Executive Frank
Asbeck said the company was close to securing financial backing
from a Qatari investor as part of a plan to support the indebted
SolarWorld has said it planned to reduce its capital stock
by 95 percent, virtually wiping out existing shareholders, in
order to then raise fresh equity.
A person familiar with the transaction told Reuters that
Qatar and Asbeck will each have about 20 percent stakes in the
restructured company after injecting capital, while creditors
will take roughly 55 percent.
Two other people said that hedge fund Strategic Value
Partners (SVP) is now SolarWorld's biggest creditor, after banks
sold about half of their loans at discounts of up to 80 percent.
SVP declined to comment.
(Reporting by Anneli Palmen, Arno Schuetze and Alexander