The South Korean conglomerate Hanwha Group intends to acquire the insolvent photovoltaics manufacturer Q-Cells SE, under a contract signed on 26 August by Hanwha and insolvency administrator Henning Schorisch. The contract is subject to the approval by the creditors’ meeting on 29 August. Along with 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 also intends to take over major parts of the Q.CELLS Group, an offer which is also subject to approval by the creditors, which may decide to pursue other options.
Q-Cells SE had filed for insolvency on 3 April this year. In the months prior to this date, the legal basis for the planned financial restructuring was blocked , owing 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, quickly managed to stabilise business operations to the extent that no redundancies were necessary during the insolvency proceedings.
