Bitterfeld-Wolfen (Germany), 18 July 2012 – The creditors of insolvent photovoltaic company Q-Cells SE have unanimously approved that the company is to be continued. Insolvency administrator Henning Schorisch thus has the backing from the creditors to further pursue his plans. He will maintain operations of Q.CELLS and to drive forward a potential restructuring option, either via an investor solution or an insolvency plan.
The creditors of Q-Cells SE met today in Dessau-Rosslau, where they were invited by the insolvency court to the first creditors’ meeting in the ongoing insolvency proceedings. At this first report meeting, the insolvency administrator informed the creditors on the status quo of the insolvency proceedings and submitted proposals concerning the further course of the insolvency proceedings for decision. Moreover, Schorisch was unanimously confirmed in his office as insolvency administrator. The work carried out so far by the relevant parties was acknowledged as having been extremely successful.
“The backing of the creditors is an important signal indicating that the company can be rescued,” Henning Schorisch emphasized today in Dessau-Rosslau. “After all, it shows the creditors’ belief in Q.CELLS’ future.”
The investor process has already been initiated. Details about the names, types or origins of potential buyers are not communicated, however, as all parties are obliged to maintain confidentiality. At the same time, the option of restructuring the company by way of implementing an insolvency plan is reviewed.
Q-Cells SE filed for insolvency on 3 April 2012. In the months prior to this date, the legal basis for the planned financial restructuring was withdrawn due to a decision made by the Oberlandesgericht Frankfurt (Higher Regional Court, Frankfurt/Main). Germany’s photovoltaic industry is exposed to considerable and further increasing price pressure, mainly originating from Asian competitors. As a consequence, quite a few companies in the industry were forced to file for insolvency in recent months.
TEL +49 (0)179 1009080
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