Bitterfeld-Wolfen (Germany), 2 July 2012 – The respective Local Court (Amtsgericht) of Dessau/Rosslau has opened insolvency proceedings in respect of the photovoltaic company Q-Cells SE. Henning Schorisch, lawyer and partner of the law firm hww wienberg wilhelm, has been appointed as the insolvency administrator, after already acting as the provisional insolvency administrator. Schorisch intends to continue business operations of the company for the time being. No redundancies are planned at present.
The opening of insolvency proceedings transfers "rights of administration and disposition" - i.e. the management of the company on behalf of the creditors - to the insolvency administrator. The internal reporting lines will remain intact. The Executive Board will also remain in office and will continue to support the insolvency administrator.
The opening of insolvency proceedings also means that Q–Cells SE will no longer receive insolvency benefit (Insolvenzgeld), meaning that it will have to pay the wages and salaries of its 1,300 or so employees itself again. Nevertheless, no redundancies have to be announced with effect from 1 July given the satisfactory business development seen over the last quarter, in spite of the provisional insolvency proceedings.
Schorisch informed Q.CELLS' employees of the current state of affairs a few days ago. "I am impressed by the considerable commitment shown by all employees within the company", emphasised Schorisch. "Everyone is working full steam ahead to ensure that the company can survive."
In the meantime, the next phase of the investor process has started: Schorisch has invited a number of interested parties to conduct due diligence, i.e. to review the company's records. No further details on this process will be released, because all of the parties involved have been subjected to extensive confidentiality obligations. At the same time, the option of restructuring the company based on an insolvency plan is still being investigated. The decision on which option will be chosen will be based on which approach offers the best possible satisfaction of creditor claims while enabling the survival of the company.
Q-Cells SE had filed for insolvency on 3 April 2012 after a decision of the Higher Regional Court (Oberlandesgericht) of Frankfurt Main removed the legal basis for the financial restructuring measures the company had been striving to implement in the months previous. Germany's solar sector is under considerable and mounting price pressure, particularly from Asian competitors. As a result, a whole number of companies in the sector have been forced to file for insolvency over the past few months.
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Q-Cells SE i.I.
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
FAX +49 (0)3494 6699 10000
Q.CELLS Investor Relations
TEL +49 (0)3494 6699 10101
Q.CELLS Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699 10121
Lawyer Henning Schorisch as insolvency administrator of Q-Cells SE
Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas v. Zitzewitz (COO, CSO)
Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung