Q-Cells SE files for insolvency proceedings
Bitterfeld-Wolfen, Germany – The German solarcell-manufacturer Q-Cells SE will file for insolvency proceedings on Tuesday, 3 April 2012, at the competent Insolvency Court in Dessau.
Against the background of the final ruling of the Frankfurt Higher Regional Court in the Pfleiderer case on March 27, 2012, the company had come to the conclusion that no going concern prognosis is given anymore. The Court had to judge a case of the industry concern Pfleiderer, which wanted to use a similar restructuring model as Q-Cells based on convertible bonds. In its decision the court came to the conclusion that this way of financing has to be rejected.
Following an intensive review of alternative concepts for the implementation of the financial restructuring, the Executive Board of Q-Cells has reached the conclusion that a going concern of the company cannot be restored on a sufficiently secure legal basis. Therefore the filing for insolvency proceedings is legally necessary.
The Executive Board and the preliminary insolvency administrator announced to work together to secure the continuity of the company within the insolvency proceedings.