Bitterfeld-Wolfen (Germany), 26 August 2012 - In the insolvency proceeding concerning the assets of Q-Cells SE (ISIN DE0005558662) a purchase and transfer agreement in respect of virtually all of the business operations of Q-Cells SE was entered into today – subject to the approval of the creditors’ meeting – with a business belonging to the Korean Hanwha Group. The agreement provides for the preservation of the Thalheim research and production site, including the preservation of approximately 3/4 of the workforce there, and the complete transfer of the subsidiary in Malaysia. Along with the assumption of business liabilities in the low hundreds of millions, the agreement also provides for a cash purchase price in the medium double-digit million Euro range. In contrast, the assumption of obligations under the convertible bonds issued or guaranteed by Q-Cells (ISIN DE000A0LMY64, DE000A1AGZ06 and DE000A1E8HF6) is not provided for in the agreement.
At the creditors’ meeting held on 18 July 2012, the creditors had already approved the sale of the business operations of Q-Cells in the context of an M&A process as a possible restructuring alternative. The agreement that has now been made will be submitted for approval by the creditors at the next creditors’ meeting on 29 August 2012.
Note is made – once again – that the shareholders of Q-Cells SE will receive neither dividends nor other notable benefits from the proceeds of the M&A process.
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