Ad hoc: Q-Cells SE: Q-Cells SE: Termination of supply agreement with LDK Solar
(Thomson Reuters ONE) - Q-Cells SE / Contract / Ad hoc: Q-Cells SE: Termination of supply agreement with LDK Solar Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------Bitterfeld-Wolfen, 2 November 2009 - Q-Cells SE (QCE; ISINDE0005558662) has terminated the agreement concluded in December 2007with the Chinese solar company LDK Solar for the supply of solarwafers, as LDK Solar did not fulfil significant contractualobligations. The original agreement specified the supply of solarwafers on the basis of a contractually fixed amount of silicontotalling 43,000 tonnes for the years from 2009 to 2018, with wafersupplies on the basis of approximately 1,000 tonnes of siliconrelating to 2009. At the beginning of 2008, Q-Cells made a payment ofUSD 244.5 million in the context of this agreement. This payment canbe reclaimed in the event of termination of the agreement and issecured by a bank guarantee at a German bank upon first demand.The contractual parties have differing opinions concerning thevalidity of the termination of the agreement. Direct discussionsbetween the two companies and a parallel arbitration process at theInternational Chamber of Commerce (ICC) in Paris have not resulted inan amicable settlement yet. An application by LDK Solar for atemporary injunction to be issued against a drawing down of the bankguarantee was refused by the District Court in Berlin. Q-Cells willtherefore make use of the possibility to draw down the bank guaranteelinked to the payment made.Contact information:Q-Cells SEOT ThalheimSonnenallee 17 - 2106766 Bitterfeld-Wolfen, Germanywww.q-cells.comInvestor Relations:Stefan LissnerPhone: +49 - (0)3494 - 6699 10101investor(at)q-cells.comCorporate Communications:Ina von SpiesPhone: +49 - (0)3494 - 6699 10121presse(at)q-cells.com --- End of Message ---Q-Cells SE OT Thalheim, Sonnenallee 17-21 Bitterfeld-Wolfen GermanyWKN: 555866; ISIN: DE0005558662; Index: CDAX, GEX, Prime All Share, TecDAX;Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Stuttgart, Regulierter Markt in Frankfurter Wertpapierbörse;
Datum: 02.11.2009 - 13:02 Uhr
Sprache: Deutsch
News-ID 7761
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