REC to take $590 mln charge, plans share issue
REUTERS - Struggling solar equipment firm Renewable Energy Corp. (REC) will take a 3.5 billion norwegian crowns ($589 million) impairment charge in the second quarter and plans to raise 1.3 billion crowns to pay down debt, it said on Friday.
Oslo-based REC, which has struggled with weak demand and high costs, plans to sell 866.7 million new shares in a private placement for 1.5 crowns each, well below the share's last close at 2.92 crowns.
