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Electronics Production | April 02, 2012

Q-Cells to file for insolvency

Q-Cells SE has confirmed that it will file for insolvency proceedings on Tuesday, 3 April 2012, at the competent Insolvency Court in Dessau, Germany.
The company said that the ruling of the Frankfurt Higher Regional Court in the Pfleiderer case on March 27, 2012, influenced the decision. The Court ruled 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restructuring of the bonds issued by Q-Cells International Finance B.V. on the basis of the 2009 German Bond Law had been revoked.

“Following an intensive review of alternative concepts for the implementation of the financial restructuring, the Executive Board 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,” a statement by the company said.

The Executive Board and the preliminary insolvency administrator will work together to secure the continuity of the company within the insolvency proceedings.
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