Q.Cells’ creditor meeting begins29. August 2012 | Industry & Suppliers, Markets & Trends | By: Sandra Enkhardt
According to reports, 47 representatives at the insolvent Q.Cells SE are currently deciding whether South Korea’s Hanwha, or Spain-based Isofotón will get to take the German company over. When the decision will be reached is not yet known.
The creditors meeting is underway, reports German news agency, dpa. Behind closed doors, 47 representatives of Q.Cells are hashing out the details of the company’s takeover.
While it seemed certain that the Hanwha Group would become the new owner, after it and Q.Cells’ insolvency administrator Henning Schorisch signed an agreement, in a surprise announcement, Isofotón said it had also submitted a bid for the company and was confident the playing field was still open.
Both companies have said they want to maintain the majority of Q.Cells 1,300 strong workforce, as well as the production locations in Germany and Malaysia. Isofotón added that it intends to invest €300 million in the company, should it win the bid.
A decision is expected to be made at some point today.
Translated and edited by Becky Beetz.
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