SolarWorld restructures in Germany

SolarWorld restructures in Germany

SolarWorld avoided insolvency with a financial restructuring plan.

The deal gives creditors a big stake in the company while reducing the stock of existing shareholders to just 5 percent. But more than 91 percent of shareholders voting at a Wednesday meeting agreed to the plan. Creditors including banks and bondholders also approved the plan earlier in the week.

Ben Santarris, a SolarWorld Industries America spokesman in Hillsboro, said employees are "really happy" to be on sounder financial footing. "We're getting out ahead of the financial pinches that the Chinese companies have caused themselves and us," he said.

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