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18.07.2012 17:16

Q.CELLS: Creditors give the go-ahead for continuation


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 In the months prior to this date, the legal basis for the planned financial restructuring was withdrawn due to a decision made by the Oberlandesgericht Frankfurt (Higher Regional Court, Frankfurt/Main).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.

 

CONTACT

Christoph Möller

möller pr

TEL +49 (0)179 1009080

EMAIL cm@moeller-pr.de

www.moeller-pr.de

 

Q-Cells SE i.I.

OT Thalheim, Sonnenallee 17-21

06766 Bitterfeld-Wolfen, Germany

FAX +49 (0)3494 6699 10000

WEB www.q-cells.de

 

Q.CELLS Investor Relations

Stefan Lissner

TEL +49 (0)3494 6699 10101

EMAIL investor@q-cells.com

 

Q.CELLS Corporate Communications

Ina von Spies, Alberta Rohardt

TEL +49 (0)3494 6699 10121

EMAIL presse@q-cells.com

 

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