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Electronics Production | April 02, 2012

Q-Cells bankrupt?

A series of German media reports suggest that Q-Cells has to file for bankruptcy on Monday or Tuesday.
The company stated in an ad-hoc announcement on March 30, 2012:

The Q-Cells Executive Board has analysed the Ruling of the Frankfurt Higher Regional Court of final Appeal in the Pleiderer case. The board has come to the conclusion that an implementation of the restructuring of the bonds issued by Q-Cells International Finance B.V. on the basis of the 2009 German Bond Law has been revoked.

The company is convinced that the ruling of the Frankfurt Higher Regional court is incorrect. However, potential lawsuits against Q-Cells’ restructuring plan, which are to be expected, would be handled by the same court. There is no reason to assume that the Court would change its view on this matter. Against this background the Executive Board currently sees no going concern for the company.

Previously, the company had come to an agreement with main bondholders on a restructuring plan of all bonds and additionally, reached agreements with the involved authorities in Germany and Malaysia. Based on the latest developments, the company is reviewing alternatives for the implementation of the restructuring plan.

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