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The Associated Press April 2, 2012, 09:26AM ET

German solar firm Q-Cells to file for bankruptcy

Struggling German solar cell manufacturer Q-Cells SE says it will file for bankruptcy after abandoning a debt restructuring plan.

The company said it will make its filing Tuesday at a court in Dessau. It said Monday that it had concluded it had no alternative after examining alternative restructuring plans.

Q-Cells abandoned its previous plan for a debt-equity swap last week after a court ruling in a similar case convinced it that the danger of a successful legal challenge was too great.

Q-Cells was once the world's biggest solar cell manufacturer but has been hit by problems including falling prices.

It lost (EURO)845.8 million ($1.1 billion) last year and reported revenue of (EURO)1.02 billion.


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