Germany-based Q-Cells SE says it will file for insolvency proceedings this week in German court. After a March 27 court ruling, the company's management concluded that such an action was inevitable, Q-Cells explains.
Q-Cells has experienced a great deal of financial turmoil in recent months. Its most recent financial results, announced in late March, showed that the company posted significant losses in 2011, despite sales growth for its PV systems business.
In January, the company entered into a deal with bondholders to restructure its debt and announced plans to continue to transition its business away from solar cell manufacturing. Q-Cells first began transitioning to other business segments – such as PV plant development – in 2010.
The company says its board and the preliminary insolvency administrator plan to work together to ‘secure the continuity of the company’ within the parameters of the insolvency proceedings. Additional details on these specific efforts have yet to be disclosed.