Hanwha signs Q.Cells takeover contract27. August 2012 | Top News, Industry & Suppliers, Markets & Trends | By: Becky Beetz
After months of speculation, the insolvent Q.Cells has confirmed the Hanwha Group’s interest in taking it over. While the two parties have signed a contract, the acquisition must still be approved by Q.Cells’ creditors.
In a statement issued by Q.Cells yesterday, August 26, the German-based photovoltaics manufacturer finally confirmed that South Korea’s Hanwha is interested in acquiring its assets. A creditors meeting will be held on August 29, where it is hoped the contract signed by Hanwha and Q.Cells' insolvency administrator, Henning Schorisch, will be approved.
"Along with the assumption of business liabilities in the low hundreds of millions, the agreement also provides for a cash purchase price in the medium double-digit million Euro range," read the statement. While it has been said that Hanwha intends to take "major" parts of Q.Cells over, no concrete details will be available until after the creditors meeting.
The statement continued, "The decision to accept this offer or to pursue other options is to be taken by the creditors. Following the creditors' meeting on 29 August, Q.Cells will inform about its outcome and further proceedings."
Q.Cells filed for insolvency on April 3. Although a financial restructuring plan was blocked by the regional court in Frankfurt, Schorisch managed to both find an investor and preserve Q.Cells workforce.
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