By [email protected] SolarWorld Americas has secured a lifeline.
The financially troubled solar manufacturer announced yesterday that lenders have agreed to immediately forward $6 million in cash, which will allow the firm to stabilize operations and fight a high-stakes U.S. solar trade dispute.
Lenders will also permit the Hillsboro, Ore.-based company to sell any assets not required for operations, including a warehouse and land next to its factory, and put the proceeds back into the business. SolarWorld leadership expects these sales, coupled with the $6 million, to result in a combined cash infusion in the “double-digit-million-dollar range.”
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