From a news article out today,
"Solarworld slid the most in 13 years in Frankfurt and its bonds due 2017 dropped as much as 43 percent after the company said it needs to make 'serious adjustments' to its debt structure. Germany’s biggest maker of solar panels said last night that external financial advisers suggested action to restructure its debt after a review of earnings prospects."Stock is down 30 percent. Apparently, the 2017 bonds are now trading at 19 cents, meaning that the stock (which still has a >$100mm market cap) has probably under-reacted. I don't know why the existing equity thinks that it is going to get that much value.