Q-Cells will file for insolvency proceedings02. April 2012 | Industry & Suppliers, Markets & Trends, Global PV markets | By: Shamsiah Ali-Oettinger
Q-Cells will file for insolvency proceedings on April 3, 2012, at the insolvency court in Dessau. The executive board reached the decision after an intensive review of alternatives for the implementation of financial restructuring came to no avail.
In the background of the insolvency filing is the Frankfurt Higher Regional Court ruling that prevented a restructuring by Pfleiderer AG. Thereby, there was no more continuation prognosis possible. An insolvency filing was thereby necessary as the company announced today. The management will work together with the provisional liquidator in ensuring the survival of the company.
Saxony-Anhalt minister Reiner Haseloff told the television station MDR that there would be no state support for Q-Cells. Haselhoff said that the company has to do the math itself. From his point of view, Q-Cells needs to find alternatives to restructure and thereby stabilise.
The stocks of the company fell to an all-time low of €0.15 in the Frankfurt trading after a possibility of insolvency was reported in the media.
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