Insolvency proceedings for the German manufacturer are expected to begin on July 1, according to a spokesperson from provisional liquidator, Henning Schorisch in response to a request by German news agency, dpa. He did not provide any further details on the current situation of Q-Cells, or how the search for investors is proceeding, however.
The company, which filed for insolvency on April 3, is facing a crisis having posted a loss of over 800 million in 2011. At the time, Saxony-Anhalt minister Reiner Haseloff told German television station, MDR that there would be no state support for the manufacturer. He said it has to do the math itself. From his point of view, Q-Cells needs to find alternatives to restructure and thereby stabilize.
Translated and edited by Becky Stuart.
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