Renewable Energy gets consent under 11% notes to shutter REC ScanCell

By Susanna Moon

Chicago, Oct. 24 - Renewable Energy Corp. ASA received the go-ahead to terminate the guarantor of its 11% bonds due 2014, which was needed to shut down the subsidiary's operations.

The proposal received votes from 99.57% of noteholders at a meeting held on Oct. 24, according to a notice by Norsk Tillitsmann ASA.

There were enough holders to form a quorum, and the proposal was adopted.

Renewable Energy said on Oct. 11 that it sought consents from bondholders for the termination of REC ScanCell AS as guarantor after the board of directors and management of both companies recommended assessing a shutdown of REC ScanCell's operations.

Because REC ScanCell is a guarantor of the notes, the consent of holders was needed to close the company's operations.

Renewable Energy is a Sandvika, Norway-based company active in the solar energy sector.

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