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10.10.2011 14:18

Q-Cells International Finance B.V. bondholders’ meeting to appoint joint representative – bondholder supports Q-Cells plan


Bitterfeld-Wolfen (Germany), 10 October 2011 – Q-Cells International Finance B.V., Rotterdam, Netherlands, has resolved to invite the holders of partial bonds of the EUR 492,500,000 1.375% convertible bonds due on 28 February 2012 to a creditors’ meeting in Frankfurt am Main on 25 October 2011. The objective of the meeting is to pass a resolution regarding the appointment of a joint representative of the holders of the convertible bonds in accordance with the provisions of the German Law on Debt Securities (Schuldverschreibungsgesetz 2009 – SchVG), who will have the authority to exercise certain rights, in particular extending the maturity of the convertible bonds for a certain period, with effect for all bondholders.

During the course of today, the invitation of the bondholders to attend the bondholders’ meeting will be published in the German Electronic Federal Gazette (elektronischer Bundesanzeiger), the homepage of the Luxembourg Stock Exchange as well as on Bloomberg and Reuters.

As already announced at an earlier stage, Q-Cells is currently updating its business planning and will have it validated by external consultants. Moreover, consultants have been retained for the purpose of reviewing Q-Cells Group’s financing options. In the event that the review should lead to the conclusion that further measures in respect of the convertible bonds might be necessary and advisable from the point of the view of the bondholders and Q-Cells, and which are accordingly approved by resolution of the bondholders, the appointment of a joint representative could serve to support the proper legal implementation of such measures. In preceding discussions, a holder of a considerable portion of the outstanding convertible bonds has announced its intention to consent to the appointment of the joint representative with the aforementioned powers.