SoWiTec group GmbH has announced that the voting without a meeting regarding its bond 2018/2026 failed to achieve the required quorum of 50% of the outstanding bond volume, with participation reaching only 12.18%. Consequently, the company has scheduled a second bondholders' meeting for October 8, 2025, to be held physically in Sonnenbühl. The invitation was published on September 23, 2025, in the German Federal Gazette and on the company website https://investor.sowitec.com/de/.
The importance of this development lies in SoWiTec's critical liquidity position and the potential implications for bondholders. For the second meeting, a lower quorum threshold of 25% applies, which the company emphasizes is essential to implement planned measures aimed at addressing its financial constraints. SoWiTec is offering a participation fee of 0.5% of the nominal value registered, with a minimum of €75 per deposit, payable only if the quorum is met and after resolutions are implemented. The application form for this fee is available on the company website https://investor.sowitec.com/de/.
This situation matters because SoWiTec's liquidity has deteriorated significantly, decreasing by €3.1 million year-over-year to €0.4 million as of December 31, 2024, and standing at €0.5 million as of June 30, 2025, and €1.4 million as of July 31, 2025. The company is in advanced negotiations to sell an 80 MW partial portfolio in Germany, with proceeds intended to partially repay the bond due November 8, 2025. However, delays in this sale could lead to a liquidity shortage, underscoring the urgency of bondholder cooperation.
The proposed resolutions, unchanged from the initial vote and agreed with SdK Schutzgemeinschaft der Kapitalanleger e.V., include deferring the €2,290,200 partial repayment due November 8, 2025, by six months to May 8, 2026, waiving termination rights for non-payment, and authorizing the joint representative for related actions. Notably, the 8% interest payment of approximately €0.4 million due November 8, 2025, is unaffected and will be paid in full. The outcome of this meeting could influence SoWiTec's ability to navigate its financial challenges and maintain operations, with broader implications for investor confidence in renewable energy firms facing similar pressures.
