(Reuters) – Meyer Burger has received increased financing of nearly $32.8 million as part of a bridge facility to stabilize its business, the embattled Swiss solar panel maker said on Monday.
The financing is an increase to the nearly $40 million the company had secured in December last year from a group of bondholders, bringing the total funds to $72.8 million.
Meyer Burger said that it will have access to $5.6 million of funds immediately and an additional tranche of $7.8 million, based on certain conditions.
The company also reached a deal with bondholders to extend the bridge facility beyond March 30, 2025.
In November last year, the Swiss firm raised doubts about its future after its largest customer, DESRI, terminated contracts. This followed a series of other setbacks for the company.
Meyer Burger previously said it has suffered from market distortion caused by production overcapacity in China and trade restrictions imposed by India and the United States.
(Reporting by Gursimran Kaur in Bengaluru; Editing by Alan Barona)
