Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 2059

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 6
Chunk 2059
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 In consideration for the extension the Company agreed
to repay the bonds at 107.5 of par value. This incremental par value amount of $11.1 million is recognized as the “Solis bond waiver
fee” under Discontinued Operations on the Company’s Statement of Operations and Comprehensive Income/(Loss) and is an increase
to the Current Discontinued Liabilities Held for Sale on the Company’s Consolidated Balance Sheet. This was a non-cash transaction
that resulted in an increase to the Company’s debt balance, and is treated as reconciling item to Net Loss on the Company’s
Consolidated Statement of Cash Flows.

On December 18, 2023, a representative
group of the bondholders approved an extension of the temporary waivers and the maturity date of the Solis Bonds until January 31, 2024,
with the right to further extend to February 29, 2024 at the Solis Bond trustee’s discretion, which was subsequently approved by
a majority of the bondholders on January 3, 2024.

On December 28, 2023, Solis
sold 100% of the share capital in its Italian subsidiaries for approximately €15.8 million (approximately $17.3 million).

On January 18, 2024, Solis
sold 100% of the share capital in its Polish subsidiaries for approximately €54.4 million (approximately $59.1 million), and on February
21, 2024, Solis sold 100% of the share capital of its Netherlands subsidiary for approximately €6.5 million (approximately $7 million).
The proceeds from the sale of these parks were used to pay the €59,100,000 million (approximately $68.5 million) of amounts outstanding
under the bonds.

For the year ended December
31, 2023, management determined the amendments for the Bond represented a troubled debt restructuring under ASC 470-60. The result of
the amendments noted above was an $11.2 million expense recorded as Solis Bond Waiver Fee under Discontinued Operations on the Consolidated
Statement of Operations and Comprehensive Income/(Loss).

On October 3, 2024, because
Solis was unable to fully repay the Solis Bonds, the Company sold Solis and its subsidiaries in Romania to Solis Trustee Special Vehicle
Limited, the Solis Bondholders’ ownership vehicle, for €1 in accordance with the terms of the Solis Bonds, as amended. As a