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27.02.2012 23:19

PRESS RELEASE: CONVERTIBLE BOND HOLDERS OF Q-CELLS APPROVE THE MORATORIUM


Bitterfeld-Wolfen (Germany), February 27, 2012 – At today’s Creditors’ Meeting of Q-Cells International Finance B.V., Rotterdam, Netherlands, which was held in Frankfurt am Main, the holders of the still outstanding portion of the Convertible Bond (ISIN DE000A0LMY64) maturing on February 28, 2012 approved the management’s proposal authorizing the Joint Representative, attorney Dr. Carlos Mack, who was appointed at the Creditors’ Meeting of October 25, 2011, to postpone the maturity date of the bond until April 30, 2012. The Convertible Bond, which has an original face value of EUR 492.5 million, bears interest at the rate of 1.375 % p.a. and would have matured on February 28, 2012. The resolved moratorium also affects the claims under the guarantee assumed by Q-Cells SE for the Convertible Bond. Approximately 83 % of the still outstanding nominal amount was represented at the meeting and the creditors approved the agenda item with a majority of some 80 %.

After the basic agreement reached with significant creditors in early February 2012 to restructure all outstanding convertible bonds, the resolved moratorium is another important milestone for the successful restructuring of the financial liabilities of the Q-Cells Group. After today’s Creditors’ Meeting, further procedural steps will follow, so that the financial restructuring can be implemented with legal certainty, with majorities of the creditors and shareholders of Q-Cells SE. Q-Cells is optimistic that this will succeed and expects to implement the financial restructuring in the second half of this year.

 

CONTACT

Q-Cells SE

OT Thalheim, Sonnenallee 17-21

06766 Bitterfeld-Wolfen, Germany

WEB www.q-cells.com

 

 

Q-Cells Corporate Communications

Ina von Spies, Alberta Rohardt

TEL (+49) 03494 6699.10121

FAX (+49) 03494 6699.10000

EMAIL presse@q-cells.com

 

 

Q-Cells Investor Relations

Stefan Lissner

TEL (+49) 03494 6699.10101

FAX (+49) 03494 6699.10000

EMAIL investor@q-cells.com

 

 

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