After the shares of the solar company Meyer Burger temporarily stopped trading in mid-November and the price later plummeted, there is now a glimmer of hope for the company: the photovoltaic company has concluded bridge financing with certain bondholders, as Südostschweiz said, citing the news agency Keystone/SDA reports.
A total of $39.48 million in financing is planned to enable an agreement for a sustainable restructuring solution. The first tranche of $19.7 million should be available immediately. The lenders are funds that are already bondholders of the company.
After the first tranche, the funds will be distributed depending on the achievement of certain milestones – the negotiations with the Desri company are likely to be crucial. “DE Shaw Renewable Investments” was Meyer Burger’s largest client until the contract was terminated without notice in mid-November.
Since then, the Swiss company says it has been in “constructive discussions” with Desri regarding the terms of a new agreement. Such a new agreement is therefore absolutely necessary so that further tranches of the 40 million pact are distributed and should be concluded this month. Meyer Burger is also working with Alvarez & Marsal as a restructuring partner.
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