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23.04.2012 09:35

Q.CELLS SE: Business operations stabilised


Production at the insolvent solar cell manufacturer Q.CELLS SE has started back up. As the company's preliminary insolvency administrator, Henning Schorisch, announced today, its business operations will continue during the preliminary insolvency proceedings. The investor process will take place at the same time.

Just after the company filed for preliminary insolvency, Schorisch had contacted suppliers and customers so that production could quickly be resumed at the start of the spring, which is incredibly important for the solar industry. This was all the more vital as the storage facilities were empty at the time of the filing. The production of mono and multi solar cells is already running at half-utilisation. Q.CELLS solar modules are even being produced in three shifts and will soon be expanded to the full four-shift operation seven days a week. In order to facilitate this, employees from cell production will switch to module production. The company is also looking into the possibility of hiring employees from the affiliate company Solibro in Q.CELLS' cell production in order to avoid bottlenecks.

"The workforce at Q.CELLS is understandably unsettled by the insolvency proceeding, but is still highly motivated," said Schorisch today in Bitterfeld at the company's headquarters. "Everyone is pulling together."

Schorisch intends to restructure Q.CELLS by finding one or more investors for the company. The Frankfurt-based office of the M&A consultancy Deloitte has been commissioned with the task of looking for investors. The consultancy will identify potential investors from around the world and reach out to them during the next few weeks. "Our goal is to save as much of Q.CELLS and as many of the jobs as possible," Schorisch pointed out. "The next few weeks will show the extent of investors’ interest." Since the announcement of the filing for preliminary insolvency, a number of interested parties have already expressed their interest to the preliminary insolvency administrator. These include both domestic and foreign as well as financial and strategic investors. At the same time, alternative solutions for a restructuring are being pursued also in consideration of creditors.

In order to improve the starting point for the restructuring during the preliminary insolvency proceeding. Schorisch will carry out measures aimed at improving efficiency and enhancing technology. In addition, sales and marketing is taking an aggressive approach on the market. Thus Q.CELLS is to benefit from the start of the solar construction season despite the insolvency proceeding.

Q.CELLS SE filed for preliminary insolvency on 3 April 2012 after the restructuring targeted in the months prior were blocked by a court ruling. The solar industry in Germany is under a considerable and continuously growing price pressure, especially from Asian competitors. As a result, a number of companies in the sector have filed for insolvency in the last few months.

Press contact:

Christoph Möller
möller pr
Telephone: 0221 80 10 87-87
Email: cm@moeller-pr.de 
www.moeller-pr.de 

hww wienberg wilhelm means the highest standard of insolvency administration, financial and economic restructuring as well as legal consulting in the course of restructuring. The hww Group, which came about on 1 January 2011 as the result of a merger between hww wienberg wilhelm and CMS Societät für Unternehmensberatung AG, is comprised of three independent business units. The core of the Group is "hww wienberg wilhelm Insolvenzverwalter", which focuses on insolvency and receivership. The former CMS AG entered the Group as "hww CMS Unternehmensberatungs GmbH" and offers insolvency-related and extrajudicial restructuring and consultation. The Group's third company is "hww wienberg wilhelm Rechtsanwälte", which specialises in bankruptcy and insolvency-related legal consulting. The restructuring, insolvency and receivership service provider currently has approximately 360 employees at 24 locations around Germany and has an international network of renowned insolvency specialists. This gives the Group the necessary expertise to efficiently support clients in transnational insolvency proceedings.

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