The creditors of insolvent photovotaic cell manufacturer Q-Cells SE have backed plans by administrator Henning Schorisch that will allow continuation of the company’s business activities. Mr Schorisch will maintain operations of the company and continue to implement a potential restructuring option, either via an investor solution or an insolvency plan.
Q-Cells creditors met on 18 July in Dessau-Rosslau, Germany, where they were invited by the insolvency court to the first creditors’ meeting in the ongoing insolvency proceedings. At this meeting, the insolvency administrator informed the creditors on the status quo of the insolvency and submitted proposals concerning the further course of the proceedings towards a decision.
The work carried out so far by the relevant parties was acknowledged as having been extremely successful. ‘The backing of the creditors is an important signal indicating that the company can be rescued,’ Henning Schorisch commented. ‘It shows the creditors’ belief in Q-Cells’ future.’
The investor process has already been initiated. Details about potential buyers have not been disclosed however, as all parties are obliged to maintain confidentiality. At the same time, the option of restructuring the company by way of implementing an insolvency plan is being reviewed.
Q-Cells SE filed for insolvency on 3 April 2012.
