18 July 2012
The creditors of insolvent photovoltaic (PV) company Q.Cells SE have unanimously approved that the continuation of the company. Insolvency administrator Henning Schorisch, thus, has the backing from the creditors to further pursue his plans. He will maintain operations of Q.Cells and drive forward a potential restructuring option, either via an investor solution or an insolvency plan.
The creditors of Q.Cells SE met today in Dessau-Rosslau, Germany, where they were invited by the insolvency court to the first creditors' meeting in the ongoing insolvency proceedings. At this first report meeting, the insolvency administrator informed the creditors of the status quo of the insolvency proceedings and submitted proposals concerning the further course of the insolvency proceedings toward a decision. Moreover, 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.
The investor process has already been initiated. Details about the names, types or origins of potential buyers have not been released, however, as all parties are obliged to maintain confidentiality. At the same time, the option of restructuring the company by way of implementing an insolvency plan is under review.
Q.Cells SE filed for insolvency on 3 April 2012. In the months prior to this date, the legal basis for the planned financial restructuring was withdrawn due to a decision made by the Oberlandesgericht Frankfurt (Higher Regional Court, Frankfurt/Main), Germany. The PV industry in Germany is exposed to considerable and increasing price pressure, mainly from Asian competitors. As a consequence, quite a few companies in the industry were forced to file for insolvency in recent months.