Q-Cells Restarts Manufacturing As Insolvency Proceedings Move Forward

Posted by SI Staff on April 23, 2012 No Comments
Categories : New & Noteworthy

Production at insolvent solar manufacturer Q-Cells has resumed, according to the company's preliminary insolvency administrator, Henning Schorisch. Business operations are expected to continue during preliminary insolvency proceedings.

Just after the company filed for preliminary insolvency, Schorisch had contacted suppliers and customers so that production could quickly be resumed at the start of the spring.

The production of mono and multi solar cells is now running at half-utilization. Modules are being produced in three shifts and will soon be expanded to the full four-shift operation seven days a week. Employees from cell production will switch to module production.

The company adds that it is also looking into the possibility of hiring employees from the affiliate company Solibro to assist with Q-Cells' cell production, in order to avoid bottlenecks.

Schorisch intends to restructure Q-Cells by finding one or more investors for the company. The Frankfurt-based office of the mergers and acquisitions consultancy Deloitte has been commissioned with the task of looking for investors. The consultancy will identify potential investors from around the world and reach out to them during the next few weeks.

‘Our goal is to save as much of Q.CELLS and as many of the jobs as possible,’ Schorisch says. ‘The next few weeks will show the extent of investors' interest.’ Since the announcement of the filing for preliminary insolvency, a number of interested parties have already expressed their interest to the preliminary insolvency administrator, Q-Cells notes.

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