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SolarWorld AG / Key word(s): Capital Reorganisation/Miscellaneous 18.06.2013 14:24 Dissemination of an Ad hoc announcement according to 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- SolarWorld AG (ISIN DE0005108401) has just reached an agreement with its debenture (Schuldschein) creditors and the holder of a secured loan on the implementation of the restructuring of its financial indebtedness. The supervisory board has already approved the agreement. The agreement is now subject only to reservations of corporate body consent on the part of two participating financial institutions; the management board assumes that this reservation will be resolved and that the agreement will become effective shortly. The plan contains the following key terms: a) In the context of an extraordinary shareholders' meeting intended to be held on 7 August 2013, in a first step, the share capital of SolarWorld AG should be reduced by way of a simplified capital reduction involving a consolidation of shares from its present 111,720,000 by the ratio 150:1 to 744,800 shares. Accordingly, the share capital should be reduced from the present EUR 111,720,000 by EUR 110,975,200 to EUR 744,800. b) It is intended that subsequently, a capital increase by way of a contribution in kind in the amount of EUR 14,151,200 be undertaken (along with the issue of 14,151,200 new shares) subject to the exclusion of subscription rights of the shareholders. Upon implementing the capital increase by way of a contribution in kind, the (existing) shareholders will continue to hold 5 % of the Company. The contributions in kind are (i) the outstanding individual bonds of the 2010/2017 6.125 % bond with a total nominal amount of EUR 400 million (ISIN XS0478864225) (the '2017 Bond'), (ii) the outstanding individual bonds of the 2011/2016 6.375 % bond with a total nominal amount of EUR 150 million (ISIN XS0641270045) (the '2016 Bond') - (both above-stated bonds are also collectively referred to as the 'Bonds') - as well as (iii) a portion in the amount of about 55 % of the outstanding debenture loans, as well as a portion in the amount of 40 % of the secured loan (these last partial claims to be contributed amount to a total of about EUR 213.9 million). The remaining claims under the debenture loans (about 45 %) and the secured loan (about 60 %) will continue to exist and are to be governed by a new loan agreement (referred to here as the 'Loan Agreement'). c) The Bonds should be reduced in the same scope as the debenture loans. However, in respect of the Bonds, for technical reasons, the entire bond claim is the subject of the contribution in kind. At the same time, the Company shall therefore issue two new bonds in the amount of about 45 % of the present bond nominal amount. Only the respective holders of the Bonds shall be permitted to subscribe for these; these should be listed for public trading. As a (commercial) result, the bondholders thereby likewise only contribute about 55 % of their claims. In the course of this, the bondholders should receive proceeds from the sale of shares to an investor and the present chairman of the management board (see (g) below). d) The proposed resolutions for the bondholders' meetings - required to take place in tandem - shall provide that each individual bond of the above-mentioned Bonds may be exchanged (without further consideration), namely for (i) a right to acquire the portion of the new shares in the Company attributed to it taking into account the sale of shares to the investor and the present chairman of the management board (see (g) below) and - in supplement - (ii) a right to acquire an individual bond of the Company from the respective new bond of the Company with a nominal value of EUR 451.73 for the 2017 Bond, and of EUR 439.39 for the 2016 Bond. e) In the case of the intended sale of shares to the investor and the present chairman of the management board (see (g) below), this means that upon the full exercise of their respective acquisition rights, the bondholders of the 2010/2017 6.125 % Bond (ISIN XS0478864225 - 2017 Bond) with a nominal value of EUR 1,000.00 shall each receive an amount in the sum of EUR 53.52, as well as 6.77 (rounded) new shares of the Company and, in supplement, a respective new individual bond of the Company with the nominal amount of EUR 451.73. Upon the full exercise of their respective acquisition rights, in this case bondholders of the 2011/2016 6.375 % Bond (ISIN XS0641270045 - 2016 Bond) with a nominal value of EUR 1,000.00 should each receive an amount in the sum of EUR 57.84, as well as 7.31 new shares of the Company and, in supplement, a respective new individual bond of the Company with the nominal amount of EUR 439.39. Where individual bondholders do not exercise their acquisition rights, or exercise these only in part, a financial institution acting as a clearing office shall sell the new shares and new individual bonds that are not subscribed for over or off the market and shall disburse the net sales proceeds to the corresponding bondholders as a cash settlement amount. The new individual bonds and the claims under the new Loan Agreement shall bear interest at market-standard terms and shall be secured with all of the essential assets of the SolarWorld group. The repayment of the new individual bonds shall take place as follows: - With a so-called cash component after the implementation of the restructuring in the amount of about 12 % of the nominal values of the prior claim (corresponds to about 27 % of the nominal values of the new bonds), which shall be paid in four tranches after the implementation of the restructuring. - With a final maturity repayment no later than 5 years after the implementation of the restructuring in the amount of about 33 % of the nominal values of the prior claim (corresponds to about 73 % of the nominal values of the new bonds). f) With regard to the implementation of the restructuring plan, it is intended and required that the interest payable on 13 July 2013 in respect of the 2011/2016 6.375% Bond (ISIN XS0641270045 - 2016 Bond) be paid only within the grace period of 30 days from the interest payment date after the creditors meeting approves the resolutions. In the context of the restructuring, the interest payment should be deducted from the repayment of the new individual bonds. g) It is intended that in exchange for compensation, a new investor shall acquire new shares created by the capital increase by contribution in kind in the amount of 29 % and that the founders and the chairman of the management board acquire a holding of 19.5 %, each of the new share capital of SolarWorld AG; the 5 % holding of the (existing) shareholders after the implementation of the capital increase in kind remains unaffected. The contracts on these transactions have not yet been entered into; it is intended that Qatar Solar S.P.C. Doha/Qatar shall serve as investor. Sales proceeds resulting from this in the total amount of EUR 46.0 million should flow through to the financial creditors (including the bondholders); this is accounted for in the amounts set out in (e). h) The implementation of the restructuring (Closing) and the above-mentioned payment and disbursement duties are subject to certain legal and economic terms. The management board presently assumes that Closing shall take place in the period from November 2013 to February 2014. The management of SolarWorld AG assumes that by the beginning of August 2013, the required consents of the bondholders' meetings and the shareholders' meeting can be provided. Bonn, 18 June 2013 SolarWorld AG The Management Board --------------------------------------------------------------------------- Language: English Company: SolarWorld AG Martin-Luther-King-Strae 24 53175 Bonn Germany Phone: +49 (0)228 - 559 20 470 Fax: +49 (0)228 - 559 20 9470 E-mail: email@example.com Internet: www.solarworld.de ISIN: DE0005108401, XS0641270045, XS0478864225 WKN: 510840 Listed: Regulierter Markt in Dsseldorf, Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Mnchen, Stuttgart; Terminbrse EUREX End of Announcement DGAP News-Service ---------------------------------------------------------------------------
(CNN) — Aviation enthusiasts around the world had their eyes on France Friday morning, eager to catch the long-awaited inaugural flight of the Airbus A350 XWB.
The aircraft took off from Toulouse-Blagnac airport at around 10 a.m. local time on a four-hour test flight.
“I knew it was going to be impressive, but I was blown away,” said Airbus chief operating officer, John Leahy, following the A350 XWB take off.
“Did you hear how quiet it was? Did you hear what you didn’t hear? We’re going to set new standards. Not just for comfort, not just for performance. But for environmental friendliness. People living around airports won’t even know we’re taking off,” he said to the attending press.
Airbus A350 XWB unveiled
Airbus A350 XWB
Airbus A350 XWB
Airbus A350 XWB
Airbus A350 XWB
Airbus A350 XWB
Airbus A350 XWB
A350 XWB vs. 787
Airbus A350 XWB
The timing of the first flight comes as no surprise to followers of the A350 program, all but confirming speculation that Airbus is planning to show off its new plane at the upcoming Paris Air Show, a rumor the company has yet to confirm.
More on CNN: Paris Air Show 2013: On your marks, jet set, go!
The A350 XWB is the first in a family of super-efficient passenger planes Airbus designed to go head-to-head with rival Boeing’s 787 Dreamliner and 777s.
“XWB” means “extra wide body.” There are three members in the A350 family: the A350-800, the A350-900 and the A350-1000, which seat 270, 314 and 350 passengers respectively, in three-class seating.
The first test plane “MSN1″ was unveiled May 13 at Airbus HQ in Toulouse, France.
Today’s first test flight is the latest achievement in what has been a turbulent production history for the A350 program, which was first announced in 2006.
“Airbus’s initial A350 design wasn’t an entirely new aircraft, but a knee-jerk reaction to the 787,” aviation journalist David Kaminski-Morrow, air transport editor of Flightglobal.com, told CNN in an earlier report.
“The company, which was hip-deep in sorting out A380 development, simply hadn’t foreseen the huge pent-up demand for a more efficient 250-seat airliner, and tried to take the easy way out by offering a re-engined version of its A330.”
While the A330 is incredibly popular, the airlines were more interested in the potential efficiency offered by a clean-sheet design, he added.
More on CNN: Airbus rolls out new A350 XWB
Being publicly lambasted by some of its largest customers — one aviation executive called it a band-aid reaction to the 787 Dreamliner, while the CEO of Singapore Airlines said the plane just didn’t go far enough — the pressure was on for Airbus to come up with a plane that would genuinely advance the global aviation scene.
Earlier this year there were cancellations. Abu Dhabi-based airline Etihad Airways axed seven orders for A350-1000s, saying they still weren’t happy with the design, criticizing its range, performance and fuel burn.
“Airbus belatedly woke up and countered with a completely new version of the A350, and managed to tap into the market,” said Kaminski-Morrow.
On the technical side, the big appeal for airlines is that over 70% of the A350 XWB’s airframe is made from advanced materials that combine composites (53%), titanium and advanced aluminum alloys.
The A350 XWB is the first Airbus passenger jet to use both fuselage and wing structures made primarily of carbon fiber-reinforced polymer, resulting in lower fuel burn as well as easier maintenance, according to the company.
It’s rival, the 787, is one of the most advanced airliners launched in recent years, and is made up of 50% composites and uses 20% less fuel than other aircraft in the same category.
More on CNN: Airbus A350 time crunch
Will the A350 XWB make an appearance at the Paris Air Show?
As for the likelihood of an A350 XWB visit in Paris next week, Airbus earlier said the plane will be too busy carrying out flight tests to attend — but industry experts say there’s an outside chance they may still be spotted in the skies at the airshow.
“That certainly would be a highlight — it’s one of the newest and most exciting aircraft, but it and Bombardier’s C-Series are at a critical point in their development.
“It becomes a bit of a fight between the marketing people, the publicists, who want the company to get all the best headlines, and the engineers who are working to critical deadlines to get the plane ready to fly as soon as possible,” he explained.
“What may happen is they pop in for one day — fly in and then fly out again — or even, in the case of the A350, that they do a flypast, without even landing.”
With additional reporting by Bryony Jones
Kwun Tong Ferry Pier was another popular location for plane spotters.
Thrilling images of Kai Tak Airport
Best view in the sky
Airport in the middle of the city
The daily show
Cathay Pacific Airways at Kai Tak
The turn that made Kai Tak famous
Retired aircraft at a retired airport
Only at Kai Tak
Better than any in-flight entertainment
Small but busy
Goodbye, Kai Tak
(CNN) — “Goodbye Kai Tak and thank you.”
Some 15 years after Richard Siegel, Hong Kong’s then-director of Civil Aviation, bid farewell and turned off the lights at Hong Kong Kai Tak International Airport (Kai Tak), the old airport has been given a new life.
With official ceremonies set for this week, it will be rechristened Kai Tak Cruise Terminal. The new facility will accommodate cruise ships and other large vessels.
Royal Caribbean’s Mariner of the Seas, will be the first ship to arrive at the cruise ship berth — formerly runway 13 — today at 8 p.m.
Before its closure in 1998, Kai Tak (the first recorded flight from the site took place in 1925) was regarded as one of the most difficult airports in the world for pilots to fly in and out of.
Sitting in the middle of Kowloon City, with a runway protruding into the sea, landing in Kai Tak was a hair-raising event even for experienced pilots.
Now Cathay Pacific Airways’ general manager of operations, former pilot Russell Davie has 36 years of flying experience.
He remembers Kai Tak fondly.
“As a pilot it was totally unique, it was the only major airport in the world that required a 45-degree turn below 500 feet to line up with the runway, literally flying between the high-rise buildings passing close to the famous orange and white checkerboard as you made that final turn toward the runway,” he says.
Daryl Chapman, a schoolteacher and aviation photographer from Britain who has lived in Hong Kong since 1987, spent countless hours photographing the amazing scenes of large aircraft swooping in over the Hong Kong skyline. (See gallery of his work above.)
“Kai Tak was very different to most international airports because it was right in the city,” recalls Chapman. “Lion Rock [a prominent hill in Hong Kong] blocks the standard straight-in approach, thus planes had to make that special turn over Kowloon City while landing on runway 13.”
“This was quite a challenge, especially in strong wind conditions,” says Davie. “As Cathay pilots, we had plenty of practice and became very adept at flying the approach.
“The approach was quite a challenge for pilots from other airlines, especially in more demanding flying conditions, as they might only come to Kai Tak once a year.”
Scariest moment: “We never saw the actual plane!”
Chapman recalls watching flights landing at Kai Tak during those “demanding flying conditions.”
“Being at the Kai Tak car park watching airplanes land in heavy rain could be very worrying,” he says. “The pilots could not see the runway and landing over Kowloon you had to be visual with the runway.
“Some [pilots] seemed to wait a little longer than others before they aborted the landing and went around for another go. Some would appear out of the low clouds on the approach path then power up and vanish back into the clouds.”
The scariest memory for Chapman was the landing of an Air France 747-200 freighter contending with an extremely low ceiling.
“We could hear it coming but saw no sign of the landing lights — it was dark,” he says. “It got louder and louder then you could see the glow of the red beacon under the plane. He overshot the turn and went right over the car park and control tower as he powered up and went around for another try.”
“That was very loud and worrying, as we never saw the actual plane!”
Fond memories of Kai Tak
Although today’s much larger and more modern Hong Kong International Airport (which opened in July 1998) is considered one of the best airports in the world, Kai Tak is still missed in some quarters.
It served Hong Kong for 73 years and was something of a city symbol, known to travelers worldwide.
“I have very fond memories of Kai Tak,” says Davie. “When I first joined Cathay Pacific, I spent many happy hours walking around Kowloon City every time I had a visitor in town, watching the aircraft fly low over the houses and shops.
“The approach looked really amazing from the ground, and also as a passenger, especially if you were seated on the right-hand side of the aircraft.”
Davie’s favorite route was arriving from Japan or Taiwan, northeast of Hong Kong.
“This allowed the pilot to fly the aircraft initially along the East Lamma shipping channel before turning around the end of Hong Kong Island past Green Island and heading toward the checkerboard to make the final approach,” he remembers.
“Passengers lucky enough to have a window seat had a fantastic view of the south side of Hong Kong island then Central and the harbor before landing over Kowloon.”
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Schock für 165 Passagiere: Eine Maschine der rumänischen Fluggesellschaft Wizz Air musste in Rom notlanden.Foto: dpa
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Deutsche Lufthansa AG / Schlagwort(e): Personalie 06.05.2013 20:04 Verffentlichung einer Ad-hoc-Mitteilung nach 15 WpHG, bermittelt durch die DGAP - ein Unternehmen der EquityStory AG. Fr den Inhalt der Mitteilung ist der Emittent verantwortlich. --------------------------------------------------------------------------- Nach der heutigen Bekrftigung des Wunsches zur Kandidatur Wolfgang Mayrhubers durch den Aufsichtsrat sowie der Ankndigung wichtiger Investoren fr Wolfgang Mayrhuber zu stimmen, hat Herr Mayrhuber sich bereit erklrt, an seiner Kandidatur zur Wahl in den Aufsichtsrat unverndert festzuhalten. Fr das deutsche dualistische System nicht passende Corporate Governance Abstimmungsempfehlungen waren die Ursache fr zunchst andere Indikationen. --------------------------------------------------------------------------- Sprache: Deutsch Unternehmen: Deutsche Lufthansa AG Von-Gablenz-Str. 2-6 50679 Kln Deutschland Telefon: +49 (0)69 696 28002 Fax: +49 (0)69 696 90990 E-Mail: firstname.lastname@example.org Internet: www.lufthansa.com/investor-relations ISIN: DE0008232125, DE0008232125 WKN: 823212 Indizes: DAX Brsen: Regulierter Markt in Berlin, Dsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, Mnchen, Stuttgart; Terminbrse EUREX Ende der Mitteilung DGAP News-Service ---------------------------------------------------------------------------