SolarWorld AG: Update on Insolvency Proceedings

The joint representatives of SolarWorld AG issued an update on the status of the company's insolvency proceedings. This notice focuses on the situation of insolvency for noteholders of both the 2018-1 and 2018-2 Notes.

As of late September 2021, a settlement allowed approximately EUR 10.1 million to be distributed among secured creditors from assets tied to SolarWorld Americas Inc. In March 2024, a further EUR 27.72 million was distributed to the security agent.

The insolvency proceedings, which started in August 2017, are anticipated to extend at least until the end of 2026. Significant parts of SWAG's assets have been liquidated, with EUR 50 million in proceeds reported as of October 2022. Remaining assets to be monetized include claims against Vinci and ongoing legal action against former Executive Board members.

Moving forward, the insolvency administrator and the security agent plan to consult on further distributions, potentially depending on the completion of proceedings for SolarWorld's U.S. companies.