Bosch to pay SolarWorld up to 130m for Arnstadt operations
Bosch is set to pay SolarWorld some €130m in order to acquire the majority of its German solar operations.
The firm will continue to employ the majority of the personnel in Arnstadt, in the german state of Thuringia, the Wall Street Journal reported citing people familiar with the agreement.
Expected to close next month, the deal was agreed in late November but the balance due to SolarWorld will be due later, and could be under €130m if operations in Arnstadt take a turn for the better.
In exchange, SolarWorld will be unable to use the Arnstadt assets as debt collateral for several years – a move by Bosch that will prevent the operations in Arnstadt from falling into the hands of SolarWorld’s creditors.
SolarWorld is currently highly indebted and is planning a financial restructuring in February, with plans to offer investors new shares in place of 55 per cent of the company’s liabilities.
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