Q-Cells Insolvency Administrator Says Company Can Be Rescued

Posted by SI Staff on July 19, 2012 No Comments
Categories : New & Noteworthy

The creditors of insolvent solar photovoltaic company Q-Cells SE have unanimously agreed that insolvency administrator Henning Schorisch has the backing from the creditors to further pursue his plans. He will maintain operations of Q-Cells and lead a potential restructuring option, either via an investor solution or an insolvency plan, according to Q-Cells.

The creditors of Q-Cells were invited by the insolvency court to the first meeting in the ongoing insolvency proceedings. At the meeting, the insolvency administrator informed the creditors about the current status of the insolvency proceedings and submitted proposals concerning the company's future actions.

Schorisch was unanimously confirmed in his office as insolvency administrator. The work carried out so far by the relevant parties was acknowledged as having been extremely successful, according to the company.

"The backing of the creditors is an important signal indicating that the company can be rescued," Schorisch emphasized." After all, it shows the creditors' belief in Q-Cells ' future."

The investor process has already been initiated. Details about the names, types or origins of potential buyers have not been disclosed, however, as all parties are required to maintain confidentiality. At the same time, the option of restructuring the company by way of implementing an insolvency plan is being reviewed.

Q-Cells filed for insolvency in April. In the months prior to this date, the legal basis for the planned financial restructuring was withdrawn due to a decision made by Germany's Higher Regional Court, Frankfurt/Main.

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