SolarWorld AG (SWV) said its lenders agreed to relax terms on 375 million euros ($454 million) of loans as Germany’s biggest solar-panel maker faces a “challenging market situation.”
SolarWorld sought the changes as worsening conditions in the solar industry increased the Bonn-based company’s risk of missing its financial covenants in the second quarter, it said in a statement today.
SolarWorld had 320 million euros of liquid funds at the end of June and has paid off more than 130 million euros of its loans, Chief Financial Officer Philipp Koecke said in the statement.
To contact the reporter on this story: Patricia Kuo in London at email@example.com
To contact the editor responsible for this story: Faris Khan at firstname.lastname@example.org