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Q-Cells SE (QCE) slumped to a record after the German solar-cell and module maker that filed for involvency in April reported a quarterly loss.
Q-Cells slid 6.7 percent to 1.12 euro cents, the lowest since the shares started trading in October 2005.
The company lost 6.7 million euros ($8.2 million) before interest and taxes in the second quarter, based on calculations from its insolvency administrator, the company said today in a statement. The administrator expects an Ebit loss of 42 million euros to 44 million euros this quarter.
Profit margins have been squeezed after a glut of cells and panels dragged down prices, and at least six German solar companies filed for insolvency since December.
Q-Cells said its creditors today approved the continuation of the company’s business as two restructuring alternatives are pursued. One includes a sale of almost the entire company. The second alternative would result in creditor ownership.
“The liquidation of the business of Q-Cells would only potentially be undertaken if and to the extent that neither of the above alternatives can be realized,” the company said.
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