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SolarWorld AG (SRWRF.PK)

SRWRF.PK on OTC Markets Group

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Latest Key Developments (Source: Significant Developments)

Solarworld says bonds declared due
Friday, 23 Jun 2017 08:00am EDT 

June 23 (Reuters) - SOLARWORLD AG ::BONDS DECLARED DUE.JOINT REPRESENTATIVES OF BOTH BONDS OF SOLARWORLD HAVE EACH DECLARED ALL OUTSTANDING NOTES DUE WITH IMMEDIATE EFFECT ON BASIS OF EVENTS OF DEFAULT.  Full Article

Solarworld says chairman of supervisory board ‍Georg Gansen resigns
Thursday, 1 Jun 2017 09:04am EDT 

June 1 (Reuters) - SOLARWORLD AG ::SUPERVISORY BOARD RECISSION.‍GEORG GANSEN, MEMBER AND CHAIRMAN OF SUPERVISORY BOARD OF SOLARWORLD AG HAS JUST INFORMED COMPANY THAT HE WILL RESIGN FROM HIS POSITION AS MEMBER AND CHAIRMAN OF SUPERVISORY BOARD AS OF JUNE 30, 2017, DUE TO OTHER PROFESSIONAL TASKS​.  Full Article

Solarworld: preliminary administrator / insolvency of affiliated companies
Friday, 12 May 2017 10:40am EDT 

May 12 (Reuters) - SOLARWORLD AG ::PRELIMINARY ADMINISTRATOR / INSOLVENCY OF AFFILIATED COMPANIES.MANAGEMENT OF AFFILIATED COMPANIES SOLARWORLD INDUSTRIES SACHSEN GMBH, SOLARWORLD INDUSTRIES THÜRINGEN GMBH, SOLARWORLD INDUSTRIES DEUTSCHLAND GMBH AND SOLARWORLD INNOVATIONS GMBH FILED FOR INSOLVENCY PROCEEDINGS.COURT HAS APPOINTED ATTORNEY AT LAW HORST PIEPENBURG AS PRELIMINARY INSOLVENCY ADMINISTRATOR.  Full Article

Solarworld says to file for insolvency
Wednesday, 10 May 2017 12:12pm EDT 

May 10 (Reuters) - Solarworld AG ::SAYS MANAGEMENT BOARD OF SOLARWORLD AG, AFTER HAVING CONDUCTED A DILIGENT REVIEW, CAME TO CONCLUSION TODAY THAT DUE TO ONGOING PRICE EROSION AND DEVELOPMENT OF BUSINESS, COMPANY NO LONGER HAS A POSITIVE GOING CONCERN PROGNOSIS.DUE TO ONGOING PRICE EROSION AND DEVELOPMENT OF BUSINESS, COMPANY NO LONGER HAS A POSITIVE GOING CONCERN PROGNOSIS, IS THEREFORE OVER-INDEBTED AND THUS OBLIGED TO FILE FOR INSOLVENCY PROCEEDINGS.IT IS CURRENTLY UNDER EVALUATION IF A RESPECTIVE OBLIGATION TO FILE FOR INSOLVENCY PROCEEDINGS IS ALSO GIVEN WITH REGARD TO AFFILIATED COMPANIES OF SOLARWORLD AG.IN LIGHT OF FOREGOING, MANAGEMENT BOARD WILL NOW IMMEDIATELY FILE FOR INSOLVENCY PROCEEDINGS WITH COMPETENT LOCAL COURT (COURT OF INSOLVENCY).  Full Article

Solarworld Q1 EBIT loss widens to 29 million euros
Friday, 28 Apr 2017 08:30am EDT 

April 28 (Reuters) - Solarworld AG ::Preliminary business figures for first quarter 2017.Q1 EBITDA amounted to -18 million euros (-$19.64 million) (Q1 2016: 2 million euros).Q1 earnings before interest and taxes (EBIT) totaled -28 million euros (Q1 2016: -10 million euros), versus -51 million euros in Q4 2016.Q1 consolidated revenue decreased versus previous years' quarter to 186 million euros (Q1 2016: 213 million euros).Both operating performance indicators in Q1 2017 are so in line with plan for year 2017.As at March 31, 2017, Solarworld had liquid funds of 84 million euros (December 31, 2016: 88 million euros) .  Full Article

SolarWorld confirms prelim figures 2016 and 2017 forecast
Tuesday, 21 Mar 2017 09:32am EDT 

SolarWorld AG : Notice for individual company pursuant to Sec. 92 (1) AktG and confirmation of preliminary figures 2016 for SolarWorld Group and of forecast 2017 . Loss has occurred in amount of one half of nominal share capital . This loss mainly results from provisions and impairments with regard to measures to focus business activities and cut costs .Confirms financial figures of group for fiscal year 2016 announced on Feb. 10, 2017, as well as its forecast for 2017.  Full Article

Solarworld: special repayment to be made to both bonds
Friday, 17 Mar 2017 07:52am EDT 

Solarworld AG : Special repayment and deferral of interest payment entail change in nominal value of both bonds . On March 24, 2017, a special repayment will be made to both bonds of Solarworld AG . In Q1 2017, company sold a 50 percent stake in Solarworld Solicium GmbH to Bacanora Minerals Ltd. for a price of 5.0 million euros ($5.37 million). 2.0 million euros of sales proceeds will go to Solarworld's financial creditors . Will exercise right provided in conditions of issue of bonds to pay accrued interest together with principal on maturity date .Total margin will be raised retroactively for respective interest period from December 30, 2016, to March 30, 2017, to 10 pct p. a. plus base interest rate 3-month Euribor of at least 1 pct p. a..  Full Article

SolarWorld enters partnership with Bacanora Minerals for lithium mining in ore mountains
Tuesday, 21 Feb 2017 02:00am EST 

SolarWorld AG : Enters partnership for lithium mining in ore mountains . Solar technology group will sell a share of 50 percent of its project in Altenberg-Zinnwald to Bacanora Minerals Ltd . Under name Deutsche Lithium GmbH, future joint venture will be domiciled in Freiberg, Saxony, and operationally controlled by Bacanora Minerals and SolarWorld together . New partner will earn its share of project in return for a cash consideration of 5 million euros ($5.29 million) and completion of a feasibility study on project, which will take approximately 18 to 24 months . Bacanora Minerals will undertake all financial investments for project .Partner has option to acquire outstanding 50 percent within a 24 month period for a mid double-digit million amount.  Full Article

Solarworld to shut down some production in turnaround drive
Friday, 10 Feb 2017 07:35am EST 

Solarworld AG : Says is going to focus its business activities to successfully compete in a fast changing market environment in 2017 . Says production of multicrystalline wafers, cells and modules to be shut down in course of 2017 . Says research and development subsidiary solarworld innovations gmbh will focus on efficiency-enhancing processes that can be combined with perc . Says these measures will lead to lower expenses for production, sales and overhead and a staff reduction of about 400 by 2019 . Says is going to invest a mid-double-digit million amount in continuous expansion and improvement of its high efficiency technologies .Says aim is to come out of difficult phase for solar market stronger than before and to raise module shipments to about 2 gigawatts by 2019.  Full Article

Solarworld FY revenue up 5 pct at 803 million euros
Friday, 10 Feb 2017 07:33am EST 

Solarworld AG : FY consolidated revenue rose by 5 percent to 803 million euros ($854 million) (2015: 763 million euros) . FY EBITDA was -26 million euros (2015: 41 million euros) million . FY EBIT amounted to -99 million euros (2015: -4 million euros) . In course of 2017 will focus its business activities on monocrystalline high-efficiency products. This will lead to a reduction of number of employees by about 400 by 2019 .Expects EBIT in 2017 to rise compared with 2016, although it will still be negative. 2017 shipments are expected to grow and consolidated revenue should lie at approximately previous year's level.  Full Article

More From Around the Web

Macquarie hired to find investor for insolvent SolarWorld

FRANKFURT, June 1 Australian investment bank Macquarie has been hired to find an investor for insolvent German solar panel maker SolarWorld, the company's insolvency administrator said on Thursday.