DGAP-News: Q.CELLS: creditors approve sale to Hanwha
(firmenpresse) - DGAP-News: Q-Cells SE / Key word(s): Acquisition/Insolvency
Q.CELLS: creditors approve sale to Hanwha
29.08.2012 / 15:25
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Bitterfeld-Wolfen (Germany), 29 August 2012 - At today's creditor meeting
in Dessau-Rosslau, the creditors of Q-Cells SE approved by a large majority
the sale of the business operations to South Korean conglomerate Hanwha.
Insolvency administrator Henning Schorisch had signed the contract last
Sunday. As part of a 'transferred restructuring process', Hanwha Group
takes over 1,250 employees out of a total headcount of roughly 1,550 as
well as most parts of the total Q.CELLS Group: in Germany, this pertains to
the site in Bitterfeld-Wolfen with solar cell and solar module research,
development and production as well as the administration site in Berlin;
abroad, to the production site in Malaysia with an unchanged number of
about 500 employees as well as some international sales companies. The
integration will mainly lead to job cuts in Q.CELLS' administration
division, as there is considerable overlap with the organisational
structure of the Hanwha Group.
The purchase price is composed of the takeover of operational liabilities
in the lower triple-digit millions as well as a cash component in the mid
double-digit millions, while the cash component depends on the volume of
additional liabilities that will have to be taken over. The purchase
agreement is still subject to the approval of the relevant anti-trust
authorities. The transaction is managed by Deloitte&Touche Corporate
Finance GmbH as the exclusive M&A consultant for both, the insolvency
administrator and the company.
'In the current macroeconomic and political environment, which is extremely
difficult for Q.CELLS, it is a great success that we managed to maintain
not only research and development, but also the production capacities at
the Bitterfeld-Wolfen site,' Schorisch emphasised today at the Q.CELLS
headquarters in Bitterfeld-Wolfen. 'While I regret the fact that there are
certain job losses, I am very happy that Q.CELLS has found a strong partner
in Hanwha, who has the necessary means to provide company, brand and staff
with long-term perspectives again.'
Through the takeover of Q.CELLS, Hanwha plans to expand its position as one
of the globally leading players in the photovoltaic industry. Hanwha is one
of the largest South Korean corporations with sales of USD 31.6bn in 2011.
The company operates in various sectors, such as the chemical industry,
insurances, banking, engineering, pharmaceuticals and construction. With
its Chinese subsidiary Hanwha SolarOne, for example, the group is already
active in the field of photovoltaics.
Schorisch praised again the enormous commitment of Q.CELLS' employees. 'The
value of the company and of the Q.CELLS brand is based on the expertise and
loyalty of its employees,' he said. 'The successful sale would not have
been possible, if people would have abandoned the company during these
difficult times. I naturally regret all the more that it was not possible
to take over everyone.' Schorisch also thanked the management and stressed
that the Q.CELLS management board acted professionally at all times, showed
great loyalty and contributed with all their strength towards maintaining
the company until the very end.
Schorisch has already started negotiations with the works council on
reconciliation of interests and a social plan because of the required staff
adjustments. Moreover, the insolvency administrator has already raised the
prospect of funds to establish a re-employment and training company where
those employees affected will be able to receive training and support with
finding new jobs.
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 fell
away due to a decision made by the Oberlandesgericht Frankfurt (Higher
Regional Court, Frankfurt/Main). The insolvency administrator Henning
Schorisch from the law firm hww wienberg wilhelm had managed very quickly
to stabilise business operations to an extent that no redundancies were
necessary during the insolvency proceedings. Moreover, he had immediately
started to look for investors.
CONTACT
Christoph Möller
möller pr
TEL +49 (0)221 80 10 87-87
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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29.08.2012 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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183350 29.08.2012
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