Brief: Meyer Burger Says Aiming To Execute Restructuring In Near Term To Fully Set Itself Up For Stable, Profitable Business Operations In 2026

Meyer Burger Technology AG

31/10/2024 22:48

Oct 31 (Reuters) - Meyer Burger Technology AG  MBTN.S :
    * MEYER BURGER TECHNOLOGY: AIMING TO EXECUTE RESTRUCTURING
IN NEAR
TERM TO FULLY SET ITSELF UP FOR STABLE, PROFITABLE BUSINESS
OPERATIONS IN 2026
    * MEYER BURGER TECHNOLOGY AG - WITH DECISION TO STOP PROJECT
IN
COLORADO SPRINGS, CERTAIN SIGNIFICANT INITIAL INVESTMENTS CAN NO
LONGER BE UTILIZED
    * MEYER BURGER TECHNOLOGY AG - FURTHER INVESTMENTS ARE
REQUIRED
FOR COMPLETION OF MODULE PLANT IN GOODYEAR
    * MEYER BURGER TECHNOLOGY AG: EXPECTS A CONTINUOUSLY
INCREASING
PRODUCTION VOLUME OF SOLAR MODULES IN SECOND HALF OF 2024
    * MEYER BURGER TECHNOLOGY AG - THESE REQUIREMENTS HAS
RESULTED IN
A HIGH DOUBLE DIGIT MILLION FUNDING GAP
    * MEYER BURGER TECHNOLOGY AG: EXPECTS ANNUAL SALES OF AROUND
CHF
350 TO CHF 400 MILLION AND EBITDA OF AROUND CHF 70 MILLION FROM
2026
    * MEYER BURGER TECHNOLOGY - BOARD IS IN ADVANCED
NEGOTIATIONS WITH
A GROUP OF HOLDERS OF EXISTING CONVERTIBLE BONDS MATURING IN
2027 AND 2029
    * MEYER BURGER TECHNOLOGY AG: REDUCTION IN NUMBER OF
EMPLOYEES
WORLDWIDE FROM AROUND 1050 TO AN EXPECTED 850 BY END OF 2025
    * MEYER BURGER TECHNOLOGY AG - GROUP OF BONDHOLDERS
INDICATED AN
INITIAL WILLINGNESS TO PROVIDE FRESH CAPITAL AND RESTRUCTURE
EXISTING LIABILITIES
    * MEYER BURGER TECHNOLOGY - ABILITY TO CONTINUE OPERATING AS
A
GOING CONCERN ASSUMES A SUCCESSFUL RESTRUCTURING AND CLOSURE OF
ITS FINANCING EFFORTS
    * MEYER BURGER TECHNOLOGY AG: ADDITIONAL LIQUIDITY IS TO BE
SECURED THROUGH SALE OF SOLAR MODULES FROM EXISTING INVENTORIES
    * MEYER BURGER TECHNOLOGY AG - PLANS TO SELL OTHER ASSETS
THAT ARE
NO LONGER REQUIRED IN ORDER TO FINANCIALLY SUPPORT OPERATIONS
DURING RAMP-UP PHASE
    * MEYER BURGER TECHNOLOGY - BOARD HAS COMMISSIONED AN
INDEPENDENT
EXTERNAL RESTRUCTURING CONSULTANT TO PREPARE A CUSTOMARY GERMAN
RESTRUCTURING OPINION

Source text:  ID:nEQbLFJRa 
Further company coverage:  MBTN.S 

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