Swiss solar company Meyer Burger secures additional financing
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Swiss solar company Meyer Burger secures additional financing
The heavily troubled solar company Meyer Burger has secured additional financial resources. The bridge financing concluded to stabilise the Swiss company has been extended and increased. The company has also launched a takeover process.
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The new agreement extends the maturity date of all tranches of the bridge financing from January 17 to February 14, 2025, and increases the total amount from around $40 million (CHF36.5 million) to $59.5 million, according to a statement issued by the company on Saturday.
The company also announced that a takeover process had been launched with “one or more potentially interested third-party buyers”. If this process is unsuccessful, the alternative of a comprehensive restructuring remains. In the past four months, “significant progress” has been made in this regard.
+ Meyer Burger replaces top management and cuts 200 jobs
The financial injection to stabilise the company was announced on December 6. The company began to falter after its largest client abruptly terminated the contract in November.
+ China’s solar dominance will ‘push countries to adopt clean technologies’
Translated from German by DeepL/ts
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