As part of the restructuring, the company has initiated an external experts’ review of its business plan in particular with regard to its anticipated earnings and financial planning.
"On the basis of the business plan, checked on plausibility by the external experts, 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," the statement said.
"Simultaneously, SolarWorld AG is of the opinion that there is a predominant degree of probability that the necessary financial restructuring and necessary operational measures can be achieved in the best interest of all parties and a positive going concern prognosis is thus given," it said.
Following the review, the manager vowed to " initiate solution orientated discussions."
Just two weeks ago the company, which is Germany's largest solar panel maker, was trumpeting its good fortune in receiving as much as $2.5 billion from US investor Warren Buffett for two California projects that are set to be the world’s largest photovoltaic development.
People in and outside the company descried Buffett's investment as a significant shot in the arm forthe company and a tremendous vote of confidence in the industry.
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