Insolvency proceedings open for Q.Cells02. July 2012 | Industry & Suppliers, Markets & Trends | By: Becky Beetz
Germany’s Dessau/Rosslau district court has opened insolvency proceedings for Q.Cells. The insolvency administrator says no redundancies are expected, however, and that a number of interested parties have been invited to conduct due diligence.
As with a number of German photovoltaic companies, insolvency proceedings have opened for Q.Cells, which first filed for insolvency on April 3. Henning Schorisch, lawyer and partner of law firm, hww wienberg wilhelm, will continue on in his role as insolvency administrator.
Schorisch said that normal business operations are expected to continue for Q.Cells, and that none of the company’s 1,300 strong workforce will be made redundant, despite the fact it will no longer receive insolvency money and will have to cover the wages and salaries of its staff itself.
In a statement released, he said, "No redundancies have to be announced with effect from 1 July given the satisfactory business development seen over the last quarter, in spite of the provisional insolvency proceedings." He added, "I am impressed by the considerable commitment shown by all employees within the company. Everyone is working full steam ahead to ensure that the company can survive."
Looking ahead, the next phase of the investor search is said to have started. Schorisch is said to have invited a "number" of interested parties to review Q.Cells’ records. While it has been agreed that no details will be publicly shared, speculation is already rife over who could take the company over.
On Friday, Reuters reported that South Korea’s Hanwha Group could be interested in acquiring the German photovoltaic company.
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