Brief: Solarworld Releases Information About Insolvency Proceedings

Solarworld AG

29/11/2021 14:28

Nov 29 (Reuters) - SOLARWORLD AG  SWVKk.F :
    * G&P GMBH & CO. KG / RECHTSANWALT ALEXANDER ELSMANN:
SOLARWORLD
AG (WKN: A1YCN1 / WKN: A1YDDX) - INFORMATION ON THE STATUS OF
SOLARWORLD AKTIENGESELLSCHAFT INSOLVENCY PROCEEDINGS
    * SECURED CREDITORS OF SOLARWORLD AG (WHICH INCLUDE
BONDHOLDERS)
RECENTLY AGREED ON DISTRIBUTION OF REALIZATION PROCEEDS PAID TO
SECURITY AGENT
    * FOLLOWING AMOUNTS ARE EXPECTED TO BE DISTRIBUTED TO
SECURED
CREDITORS, RESULTING FROM SALE OF SOLARWORLD AMERICAS INC. AND
ITS SUBSIDIARIES ("SWA")
    * AN AMOUNT OF C. EUR 5.6 MILLION HELD BY SECURITY AGENT
    * AN AMOUNT OF C. EUR 4.5 MILLION DEPOSITED WITH A GERMAN
COURT
    * JOINT REPRESENTATIVES, IN ADDITION TO OTHER SECURED
LANDERS,
WILL RECEIVE FOLLOWING PRO-RATA PORTION OUT OF THIS C. EUR 10.1
MILLION AMOUNT OF
    * EUR 1.1 MILLION FOR DISTRIBUTION TO HOLDERS OF 2018-1
NOTES
    * EUR 3.2 MILLION FOR DISTRIBUTION TO HOLDERS OF 2018-2
NOTES
    * JOINT REPRESENTATIVES WILL DISTRIBUTE AMOUNTS RECEIVED
AFTER
DEDUCTING ANY COSTS TO HOLDERS OF SWAG NOTES FOLLOWING
LIQUIDATION OF SWA, WHICH IS CURRENTLY EXPECTED TO OCCUR IN
FIRST HALF OF 2022
    * INSOLVENCY ADMINISTRATOR CURRENTLY DOES NOT EXPECT
INSOLVENCY
PROCEEDINGS TO END BEFORE END OF 2024

Source text for Eikon:  ID:nEQ39NnpGa 
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