DGAP-News: Q-Cells International Finance B.V. Calls Creditor Meeting to Approve Moratorium - Important Component of Comprehensive Financial Restructuring
(firmenpresse) - DGAP-News: Q-Cells SE / Key word(s): Bond
Q-Cells International Finance B.V. Calls Creditor Meeting to Approve
Moratorium - Important Component of Comprehensive Financial
Restructuring
10.02.2012 / 15:00
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Bitterfeld-Wolfen (Germany), 10 February 2012 - Q-Cells International
Finance B.V., of Rotterdam, Netherlands, invites the holders of the 2012
Convertible Bond (total face value EUR 492,500,000, maturity on February
28, 2012) to a Creditors' Meeting in Frankfurt am Main on February 27,
2012. Subject of the meeting will be a resolution to postpone the current
maturity date of the convertible bond (February 28, 2012) until April 30,
2012, with an associated change in the guarantee assumed by Q-Cells SE.
The Joint Representative, attorney Dr. Carlos Mack, who was appointed by a
creditors' resolution at the Creditors' Meeting on October 25, 2011, can
enact this moratorium with a majority consenting vote of the bondholders.
Then, in a further Creditors' Meeting by the end of April 2012, Q-Cells
could obtain the creditors' consent to a comprehensive restructuring of all
outstanding Convertible Bonds. Once consent to that restructuring concept
has also been obtained, the Joint Representative can implement a further
moratorium, subject to the consent of the Creditors' Meeting, until
December 31, 2012. This time frame will enable the company to implement the
agreed restructuring concept.
This Creditors' Meeting is being convoked on the basis of the resolutions
from the Creditors' Meeting of October 25, 2011. A settlement was reached
related to those lawsuits that had been filed against these resolutions
prior to the relevant deadline. Following the settlement the decision of
the Frankfurt Regional Court as of January 23, 2012 can be disregarded. All
resolutions adopted at the first Creditors' Meeting, such as the
appointment of the Joint Representative, have now been implemented. Further
lawsuits filed after the relevant deadline will be dealt via legal
proceedings.
The invitation to the bondholders to attend the Creditors' Meeting on
February 27, 2012, will be published in the course of today in the German
Electronic Federal Gazette (elektronischer Bundesanzeiger), on the website
of the Luxembourg Stock Exchange, and via the Bloomberg and Reuters news
agencies.
Q-Cells continues to work purposefully on detailing and implementing the
comprehensive financial restructuring presented on February 1, 2012. The
moratorium on the 2012 Convertible Bond is an important step on this path.
In the course of the further procedure, further Creditor Meetings are
expected to be held with the holders of the convertible bonds that mature
in 2012, 2014 and 2015. The shareholders consent at a General Meeting is
also needed for the intended reduction of subscribed capital. On the basis
of ongoing discussions with other creditors, the company is confident that
it will obtain the required majorities to implement the measures.
CONTACT
Q-Cells SE
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
FAX +49 (0)3494 6699.10000
WEB www.q-cells.com
Q-Cells Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699.10121
EMAIL presse(at)q-cells.com
Q-Cells Investor Relations
Stefan Lissner
TEL +49 (0)3494 6699.10101
EMAIL investor(at)q-cells.com
About Q-Cells SE
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 is
quoted on the Frankfurt Stock Exchange (QCE; ISIN DE0005558662) and also
listed on the TecDAX, the German technology index.
Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas von Zitzewitz (COO,
CSO)
Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung
End of Corporate News
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10.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Q-Cells SE
Sonnenallee 17-21, OT Thalheim
06766 Bitterfeld-Wolfen
Germany
Phone: +49 (0)3494 - 6699-0
Fax: +49 (0)3494 - 6699-199
E-mail: q-cells(at)q-cells.com
Internet: www.q-cells.com
ISIN: DE0005558662, Wandelanleihe 2012: DE000A0LMY64,
Wandelanleihe 2014: DE000A1AGZ06, Wandelanleihe 2015:
DE000A1E8HF6
WKN: 555866
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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156026 10.02.2012
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cells-international-finance-b-v-calls-creditor-meeting-to-approve-moratorium
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Datum: 10.02.2012 - 15:00 Uhr
Sprache: Deutsch
News-ID 113383
Anzahl Zeichen: 3574
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