The challenging market situation in the solar industry increased the risk of SolarWorld AG during the second quarter not to meet its financial covenants. For this reason, SolarWorld AG has renegotiated loan agreements amounting to € 375 million with its lenders. Covenants were adjusted, enabling SolarWorld AG to have greater flexibility.
“SolarWorld has strengthened financial stability for the company by means of these agreements. At the end of the second quarter, we had liquid funds worth € 320 million at our disposal. In addition, we have paid off over € 130 million of our loans,” points out Philipp Koecke, CFO of SolarWorld AG.
Dr.-Ing. E. h. Frank Asbeck, founder and CEO of SolarWorld AG, who holds 27.84 percent of company shares, added: “Moreover, I will make my personal financial contribution to the success of SolarWorld by waiving my salary and dividend until the company becomes profitable again.”