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SolarWorld Americas expects immediate infusion of cash to lift up U.S. operations
SolarWorld Americas Inc. announced that it expects a double-digit-million-dollar infusion of cash to enable the company to stabilize and optimize operations through 2017 and beyond.
Lenders of SolarWorld have agreed immediately to forward $6 million in cash to the U.S. company, said Juergen Stein, president of SolarWorld Americas. Stein said the lenders also will permit SolarWorld to sell assets not required for operations and put the proceeds to use in funding operations. In the near term, the company expects such a sale to result in a total, combined cash infusion in the double-digit-million-dollar range, Stein said.
“This financial reinforcement is good for our customers and suppliers alike,” Stein said. “It means quite simply that we can reassure our business partners that we will remain a reliable force not only in supplying leading solar technology but also in continuing to fight for fair trade in the U.S. market and improving market conditions there.”
SolarWorld Americas’ parent company, SolarWorld AG, and several sibling subsidiaries are operating under insolvency proceedings in Europe. However, SolarWorld Americas continues to operate outside any similar proceedings. Meantime, the company is co-petitioner in a Section 201 trade case that seeks relief for the pioneering U.S. solar manufacturing industry from a deluge of imports that has heavily distorted the industry’s market.
“We are re-investing in our business to continue serving our loyal customers, as always,” Stein said. “With that, we will continue to fight for the U.S. solar industry’s future, just as we have done through the industry’s ups and downs over these four past decades.”