Solar equipment firm Renewable Energy Corporation is to improve its bond repurchase offer as it looks to get the go-ahead for a planned restructure.
The Scandinavian company, which suffered a share price collapse since 2008, is looking to sell off its solar panel operation to existing shareholders and split off its silicon unit.
Now it has emerged the company is looking to cut net debt by 0.5billion krone to drive the restructure.
An improved offer to bondholders is to be made at a meeting next week where they will be able to vote on the proposed split of the company, with the offers raised from between 40%-60% of the principal value to an offer from 67%-100%.
Meanwhile the company said its polysilicon production facilities continue to operate at full capacity in the wake of the US-China row over anti-dumping duties.
