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
Aussie adoptee gains Swiss citizenship at 54 thanks to old envelope
Basel diocese files five claims of sexual abuse in Swiss Catholic Church
This content was published on
The diocese of Basel has received 141 reports of sexual abuse since the publication of a sweeping study on violations in the Catholic Church by the University of Zurich in 2023.
Swiss president calls for open markets and stable institutions in WEF speech
This content was published on
Swiss President Karin Keller-Sutter was among speakers at the WEF in Davos to make the case for fair competition, a day after Donald Trump became the 47th president of the United States.
Swiss film in competition at the 75th Berlinale has a shot at Golden Bear
This content was published on
The feature film La Cache by Lausanne screenwriter and director Lionel Baier has a chance of winning the Silver or Golden Bear at the 75th Berlinale, festival organisers said on Tuesday.
Swiss politician who shot at image of Jesus resigns from Liberal Green Party
This content was published on
Sanija Ameti, who caused controversy after shooting at an image of Jesus and Mary last September, has resigned from the Liberal Green Party.
Swiss campaigners gather enough signatures to submit ‘responsible business’ initiative
This content was published on
The Swiss people are set to vote again on the corporate responsibility of multinationals after campaigners collected 183,661 signatures in 14 days for their new 'responsible business' initiative.
Several Swiss municipalities and banks hit by cyberattack
This content was published on
Russian hackers attacked the websites of several Swiss municipalities and banks on Tuesday, just as the World Economic Forum (WEF), got under way in Davos.
Music strengthens brain connections in premature babies, Swiss study shows
This content was published on
In premature babies, music strengthens connections in certain areas of the brain, according to a years-long study by the University Hospitals of Geneva (HUG).
WEF gives Crystal Award to Beckham, Yamamoto and von Fürstenberg
This content was published on
The World Economic Forum in Davos handed out awards to UNICEF ambassador David Beckham, Japanese architect Riken Yamamoto and women's rights activist Diane von Fürstenberg.
Swiss CEOs betting on a strong domestic market in 2025
This content was published on
Swiss business leaders are optimistic about 2025, despite a world in crisis, says a new survey by Pricewaterhouse Coopers.
This content was published on
Economics Minister Guy Parmelin and Foreign Minister Ignazio Cassis have welcomed Chinese Vice Premier Ding Xuexiang to Bern
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.