As with a number of German photovoltaic companies, insolvency proceedings have opened for Q.Cells, which first filed for insolvency on April 3. Henning Schorisch, lawyer and partner of law firm, hww wienberg wilhelm, will continue on in his role as insolvency administrator.
Schorisch said that normal business operations are expected to continue for Q.Cells, and that none of the companys 1,300 strong workforce will be made redundant, despite the fact it will no longer receive insolvency money and will have to cover the wages and salaries of its staff itself.
In a statement released, he said, "No redundancies have to be announced with effect from 1 July given the satisfactory business development seen over the last quarter, in spite of the provisional insolvency proceedings." He added, "I am impressed by the considerable commitment shown by all employees within the company. Everyone is working full steam ahead to ensure that the company can survive."
Looking ahead, the next phase of the investor search is said to have started. Schorisch is said to have invited a "number" of interested parties to review Q.Cells records. While it has been agreed that no details will be publicly shared, speculation is already rife over who could take the company over.
On Friday, Reuters reported that South Koreas Hanwha Group could be interested in acquiring the German photovoltaic company.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.