Bitterfeld-Wolfen (Germany), 26 August 2012 – The South Korean conglomerate Hanwha Group intends to acquire the insolvent photovoltaics company Q-Cells SE. Hanwha and insolvency administrator Henning Schorisch today signed a corresponding contract. This contract is subject to the approval of the creditors’ meeting on 29 August. 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.
The strategic investor intends to take over major parts of the Q.CELLS Group. The decision to accept this offer or to pursue other options is to be taken by the creditors. Following the creditors’ meeting on 29 August, Q.CELLS will inform about its outcome and further proceedings.
Q-Cells SE had filed for insolvency on 3 April 2012. In the months prior to this date, the legal basis for the planned financial restructuring was blocked due to a decision made by the Oberlandesgericht Frankfurt (Higher Regional Court, Frankfurt/Main). Insolvency administrator Henning Schorisch, from hww wienberg wilhelm, a law firm operating throughout Germany, managed very quickly to stabilize business operations to an extent that no redundancies were necessary during the insolvency proceedings. Moreover, he had immediately started to look for investors.
The Q.CELLS Group is one of the world’s leading photovoltaics companies and offers a wide range of photovoltaic solutions, from solar cells and modules to solar power plants. Q.CELLS’s products are developed and manufactured at its headquarters in Bitterfeld-Wolfen (Germany) and marketed via its global sales network. It also has a second production plant in Malaysia. More than 200 scientists and engineers at Q.CELLS are working to swiftly advance solar technology and achieve Q.CELLS’ twin aims: driving down the costs of photovoltaics quickly and permanently, and making solar power competitive. The close links between R&D and production enable Q.CELLS to rapidly translate cutting-edge innovation into mass production - and underpin its ambition to be at the forefront of photovoltaic technology. Q-Cells SE is quoted in the Prime Standard on the Frankfurt Stock Exchange (QCE; ISIN DE0005558662).
CONTACT Q.CELLS i.I.
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
FAX +49 (0)3494 6699.10000
Press contact insolvency administrator at Q.CELLS
TEL +49 (0)221-801087-87
Q.CELLS Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699 10121
Q.CELLS Investor Relations
TEL +49 (0)3494 6699 10101
Lawyer Henning Schorisch, insolvency administrator of Q-Cells SE
Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas von Zitzewitz (COO, CSO)
Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung