Bitterfeld-Wolfen (Germany), 10 February 2012 – Q-Cells International Finance B.V., of Rotterdam, Netherlands, invites the holders of the 2012 Convertible Bond (total face value EUR 492,500,000, maturity on February 28, 2012) to a Creditors' Meeting in Frankfurt am Main on February 27, 2012. Subject of the meeting will be a resolution to postpone the current maturity date of the convertible bond (February 28, 2012) until April 30, 2012, with an associated change in the guarantee assumed by Q-Cells SE.
The Joint Representative, attorney Dr. Carlos Mack, who was appointed by a creditors' resolution at the Creditors' Meeting on October 25, 2011, can enact this moratorium with a majority consenting vote of the bondholders. Then, in a further Creditors' Meeting by the end of April 2012, Q-Cells could obtain the creditors' consent to a comprehensive restructuring of all outstanding Convertible Bonds. Once consent to that restructuring concept has also been obtained, the Joint Representative can implement a further moratorium, subject to the consent of the Creditors' Meeting, until December 31, 2012. This time frame will enable the company to implement the agreed restructuring concept.
This Creditors' Meeting is being convoked on the basis of the resolutions from the Creditors' Meeting of October 25, 2011. A settlement was reached related to those lawsuits that had been filed against these resolutions prior to the relevant deadline. Following the settlement the decision of the Frankfurt Regional Court as of January 23, 2012 can be disregarded. All resolutions adopted at the first Creditors' Meeting, such as the appointment of the Joint Representative, have now been implemented. Further lawsuits filed after the relevant deadline will be dealt via legal proceedings.
The invitation to the bondholders to attend the Creditors' Meeting on February 27, 2012, will be published in the course of today in the German Electronic Federal Gazette (elektronischer Bundesanzeiger), on the website of the Luxembourg Stock Exchange, and via the Bloomberg and Reuters news agencies.
Q-Cells continues to work purposefully on detailing and implementing the comprehensive financial restructuring presented on February 1, 2012. The moratorium on the 2012 Convertible Bond is an important step on this path. In the course of the further procedure, further Creditor Meetings are expected to be held with the holders of the convertible bonds that mature in 2012, 2014 and 2015. The shareholders consent at a General Meeting is also needed for the intended reduction of subscribed capital. On the basis of ongoing discussions with other creditors, the company is confident that it will obtain the required majorities to implement the measures.
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Q-Cells Investor Relations
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About Q-Cells SE
The Q-Cells Group is one of the world’s leading photovoltaics companies and offers a wide range of photovoltaic solutions, from solar cells and modules to solar power plants. Q-Cells’s products are developed and manufactured at its headquarters in Bitterfeld-Wolfen (Germany) and marketed via its global sales network. It also has a second production plant in Malaysia. More than 200 scientists and engineers at Q-Cells are working to swiftly advance solar technology and achieve Q-Cells’ twin aims: driving down the costs of photovoltaics quickly and permanently, and making solar power competitive. The close links between R&D and production enable Q-Cells to rapidly translate cutting-edge innovation into mass production - and underpin its ambition to be at the forefront of photovoltaic technology. Q-Cells is quoted on the Frankfurt Stock Exchange (QCE; ISIN DE0005558662) and also listed on the TecDAX, the German technology index.
Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas von Zitzewitz (COO, CSO) Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung