The South Korean conglomerate Hanwha Group intends to acquire the insolvent photovoltaics company Q-Cells SE.
- The South Korean conglomerate Hanwha Group intends to acquire the insolvent photovoltaics company Q-Cells SE
- Decision of Creditors expected for 29 August
Hanwha and insolvency administrator Henning Schorisch signed a corresponding contract. This contract is subject to the approval of the creditors’ meeting on 29 August. Along with the assumption of business liabilities in the low hundreds of millions, the agreement also provides for a cash purchase price in the medium double-digit million Euro range.
The strategic investor intends to take over major parts of the Q.CELLS Group. The decision to accept this offer or to pursue other options is to be taken by the creditors. Following the creditors’ meeting on 29 August, Q.CELLS will inform about its outcome and further proceedings.
Q-Cells SE had filed for insolvency on 3 April 2012. In the months prior to this date, the legal basis for the planned financial restructuring was blocked due to a decision made by the Oberlandesgericht Frankfurt (Higher Regional Court, Frankfurt/Main). Insolvency administrator Henning Schorisch, from hww wienberg wilhelm, a law firm operating throughout Germany, managed very quickly to stabilize business operations to an extent that no redundancies were necessary during the insolvency proceedings. Moreover, he had immediately started to look for investors.