Q.Cells to continue operations18. July 2012 | Industry & Suppliers, Markets & Trends | By: Becky Beetz
Following a meeting of Q.Cells’ creditors, the insolvent photovoltaic company has been given the go ahead to continue on with its operations. The insolvency administrator’s position has further been confirmed. Restructuring options are now being considered.
In a statement released today, it was announced that Q.Cells’ creditors are happy for the German company to carry on with its business. They had been invited to a meeting in Dessau-Rosslau by the insolvency court. Insolvency administrator, Henning Schorisch’s position was also "unanimously" confirmed.
Schorisch said the backing represents an "important signal" that Q.Cells can be saved. "After all, it shows the creditors' belief in Q.Cells' future," he stated. He is now expected to look for potential restructuring options, which could include either a new investor, or an insolvency plan.
According to the statement, the search for an investor is already underway. No details will be released, however, due to a confidentiality agreement between the parties concerned. Reuters reported on June 29 that the Hanwah Group was considering taking the company over, although no confirmation was obtained. It could also be possible to restructure the company via an insolvency plan. The option is said to be under review.
"At this first report meeting, the insolvency administrator informed the creditors on the status quo of the insolvency proceedings and submitted proposals concerning the further course of the insolvency proceedings for decision … The work carried out so far by the relevant parties was acknowledged as having been extremely successful," read the statement.
Q.Cells filed for insolvency on April 3. "In the months prior to this date, the legal basis for the planned financial restructuring was withdrawn due to a decision made by the Oberlandesgericht Frankfurt (Higher Regional Court, Frankfurt/Main)," continued the statement. On April 23, the company said it had resumed production of its photovoltaic cells and modules. Then on July 2, it was announced that insolvency proceedings had opened.
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