Meyer Burger secures $40 mln in bridge financing after customer exit

Meyer Burger Technology AG

06/12/2024 06:09

Dec 6 (Reuters) - Swiss solar panel maker Meyer Burger
 MBTN.S  said on Friday it has secured nearly $40 million in
bridge financing to stabilize its business after its largest
customer, DESRI  DESR.O , said last month it was pulling out. 
    Meyer Burger said it expects to draw an initial tranche of
$19.7 million from the facility immediately, with drawdowns on
the remaining tranches conditional on the company reaching
additional milestones.
    The company added that it has been in discussions with DESRI
on the terms of a new agreement, with further drawdown of its
bridge financing linked to a successful deal.

 (Writing by Miranda Murray
Editing by Dave Graham)
 ((Miranda.Murray@thomsonreuters.com;))