May 7, 2013 / 1:31 PM / 5 years ago

SolarWorld to meet with creditors on May 22-23

DUESSELDORF/FRANKFURT, May 7 (Reuters) - SolarWorld said it will meet with creditors on May 22 and May 23 to move ahead with the German solar group’s planned debt restructuring.

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 group.

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 Huebner)

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