Struggling Swiss company Meyer Burger secures $40m financing
Meyer Burger secures financing of $40 million.
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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.
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Meyer Burger sichert sich Finanzierung von 40 Millionen Dollar
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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
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