Struggling Swiss company Meyer Burger secures $40m financing
Meyer Burger secures financing of $40 million.
Keystone-SDA
Select your language
Generated with artificial intelligence.
Listening: Struggling Swiss company Meyer Burger secures $40m financing
There is a glimmer of hope for the ailing Swiss solar company Meyer Burger. The company has concluded a bridge financing of $39.48 million (CHF34.7 million) with certain bondholders to stabilise the situation.
This content was published on
3 minutes
Keystone-SDA
Deutsch
de
Meyer Burger sichert sich Finanzierung von 40 Millionen Dollar
Original
Meanwhile, negotiations with Desri, the company’s largest customer following its abrupt termination in mid-November, and the bondholders are continuing, Meyer Burger said on Friday. The company thus has liquidity to conclude an agreement for a sustainable restructuring solution, it said. A final agreement is reportedly being sought in the course of December.
The bridge financing is divided into several tranches, which can be drawn upon reaching certain “milestones”. According to the announcement, the facility will expire on January 17, 2025, at the latest. The first tranche of $19.7 million is to be drawn immediately.
The availability of the remaining tranches is dependent on additional milestones, as detailed in the press release. The lenders are funds that are already bondholders of Meyer Burger.
In mid-November, the largest customer Desri terminated the contract with Meyer Burger without notice. Since then, the company has been in “constructive talks” regarding the terms of a new agreement, Meyer Burger said. According to the information, a successful agreement with Desri is one of the prerequisites for drawing additional funds from the facility.
“An updated agreement with Desri, to the extent executed, is expected to take into account Meyer Burger’s changed financial and operational position and is expected to be finalised during December,” the company said.
In addition, Meyer Burger announces that it had appointed Alvarez & Marsal as restructuring adviser. This will enable the company to strengthen its focus on the ongoing operational transformation and efficiency improvements in the business.
Translated from German by DeepL/ts
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to english@swissinfo.ch.
Popular Stories
More
Swiss Abroad
An eye-opening guide to Switzerland’s ear-splitting sirens
This content was published on
Thomas Schinecker, CEO of Swiss pharma firm Roche, has dismissed fears that sales targets would be under threat by US tariffs.
This content was published on
Researchers are asking the Swiss public for help in naming two newly discovered Swiss fish species of the genus Barbatula.
Science alliance warns against Swiss government’s cost-cutting plans
This content was published on
An alliance of research and science institutions have warned of dire consequences if the Swiss government goes ahead with its austerity package.
Accidents during leisure time on the rise in Switzerland
This content was published on
IN 2024 more people had accidents during leisure time than in the previous year. Some 26% of all sports accidents happened playing football.
This content was published on
Apple's iPhones have gained further market share in Switzerland. Around half of all smartphone owners used a model from the US tech giant last year.
Switzerland receives poor marks in fight against public sector corruption
This content was published on
Switzerland is not improving in the fight against corruption according to the Corruption Perceptions Index published by Transparency International.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.