DGAP-News: Q-Cells SE: Creditors give the go-ahead for continuation
(firmenpresse) - DGAP-News: Q-Cells SE / Key word(s): Miscellaneous/Miscellaneous
Q-Cells SE: Creditors give the go-ahead for continuation
18.07.2012 / 16:39
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Press release
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withdrawn due to a decision made by the Oberlandesgericht Frankfurt (Higher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(at)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(at)q-cells.com
Q.CELLS Corporate Communications
Ina von Spies, Alberta Rohardt
TEL +49 (0)3494 6699 10121
EMAIL presse(at)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
End of Corporate News
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18.07.2012 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,
Financial/Corporate News and Press Releases.
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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