August 27, 2012

Q-Cells SE finds a buyer

The South Korean conglomerate Hanwha Group intends to acquire the insolvent photovoltaics company Q-Cells SE.

Hanwha and insolvency administrator Henning Schorisch today signed a corresponding contract. The contract is subject to the approval of the creditors’ meeting on 29 August. Along with the assumption of business liabilities in the low hundreds of millions, the agreement also provides for a cash purchase price in the medium double-digit million Euro range.

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 was blocked due to a decision made by the Oberlandesgericht Frankfurt (Higher Regional Court, Frankfurt/Main).

Insolvency administrator Henning Schorisch, from hww wienberg wilhelm, a law firm operating throughout Germany, managed very quickly to stabilize business operations to an extent that no redundancies were necessary during the insolvency proceedings. Moreover, he had immediately started to look for investors.
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