Bloomberg News

Q-Cells May Sell Itself in Insolvency, Administrator Says

May 02, 2012

Q-Cells SE (QCE) may be sold or restructured in a controlled insolvency as talks with investors over the German solar-cell maker begin, said Henning Schorisch, an insolvency administrator.

Talks with creditors about a possible debt-to-equity conversion as well as finding an investor for the Solibro thin- film unit, which isn’t affected by the insolvency, are continuing, Schorisch said today at Q-Cells headquarters in Bitterfeld-Wolfen.

“All options remain on the table, and that’s positive,” Schorisch said. He said he’s “cautiously optimistic” that the company, which employs about 1,300 in Saxony-Anhalt and Berlin, can be restructured without significant job losses because it’s a “technology leader.”

The shares climbed as much as 12 percent after the announcment. Q-Cells was up 7 percent, to 14.6 euro cents, as of 12:56 p.m. in Frankfurt today.

Schorisch, a lawyer at HWW Wienberg Wilhelm, was named by a local court as preliminary insolvency administrator until formal insolvency proceedings are opened and a permanent adminstrator is named.

German solar companies have struggled with reduced government aid and competition from Chinese companies that created a glut of solar panels. Q-Cells, once the biggest solar- cell maker, along with Solon SE (SOO1), Solar Millennium AG (S2M) and Solarhybrid AG (SHL) all filed for insolvency since December.

Q-Cells, which has about 150 million euros ($197 million) in liquid assets, is back to producing cells 24 hours a day, seven days a week. It’s planning for an internal interim progress report on mergers and acquisitions by the middle of the month after several interested parties contacted Schorisch, he said. There have been no layoffs yet, he said.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus