In a statement released today, preliminary insolvency administrator, Henning Schorisch has said that business operations will continue throughout the preliminary insolvency proceedings. At the end of last week, it was announced that full insolvency proceedings are expected to begin by July 1.
He added that the German-based company's mono- and multi-crystalline cell prodcution is running at half-utilization. Meanwhile, its modules are being manufactured in three shifts. This is expected to be expanded to four shifts, running seven days a week. To support this, the company will move employees from cell to module production, and may also hire workers from Solibro "to avoid bottlenecks".
"The workforce at Q.Cells is understandably unsettled by the insolvency proceeding, but is still highly motivated," said Schorisch. He added, "Everyone is pulling together."
Schorisch is also said to be looking to implemement measures to improve efficiencies and enhance technology, and will adopt "an agressive" approach to sales and marketing.
There is still hope that Q.Cells, which was forced to file for insolvency on April 3 due to massive financial losses, will be saved. Schorisch said the aim is to restructure the company by bringing "one or more" investors on board, and to save "as many jobs as possible".
Frankfurt-based office of the M&A consultancy Deloitte has been commissioned to look for investors. "The consultancy will identify potential investors from around the world and reach out to them during the next few weeks," said the statement. Schorisch added, "The next few weeks will show the extent of investors interest."
Already, he said that "a number" of interested parties had already expressed their interest in Q.Cells. "These include both domestic and foreign as well as financial and strategic investors. At the same time, alternative solutions for a restructuring are being pursued also in consideration of creditors," concluded the statement.
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