SolarWorld, in an announcement, said that it is seeking the backing of a number of bondholders for assistance in a debt restructuring program to allow Qatar to become a new shareholder in the company. The firm is the largest solar energy company in Germany.

About 27.84% of the firm is currently owned by its CEO and founder, Frank Asbeck. The company has already obtained assurances for the planned program with some of the bondholders. The only major holdouts to the plan are two holders of convertible bonds having a combined volume of Eur550 million or US$734 million.

The bondholders would be meeting on July 8 and 9 and the main agenda for discussion would be the appointment of a joint representative as well as the decision to pursue the debt restructuing plan. 

Solar power materiel manufacturers from the West, such as Germany, have folded under intense pressure from the decreasing niches in the solar industry. Amongst the firms that have filed for bankruptcy are Q-Cells and Solon. For its part, SolarWorld have warned its creditors of a pending restructuring in order to insulate itself from the current crisis affecting the markets.

Qatar would be participating through an investment worth Eur35 million in the company in exchange for 29% shareholdings in the firm. The remaining shareholders would retain 5% with the investment.