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Update 2. Insolvency administrators HWW Wienberg Wilhelm have been appointed to take control of Q-Cells after the company filed documents in a local court. Management efforts at Q-Cells to restructure bondholder payments to boost liquidity have been derailed due to a ruling of the Frankfurt Higher Regional Court of final appeal on a case not directly related to the struggling PV manufacturer. The ruling means all bondholders must accept changes to payments rather than a majority, which Q-Cells had received. A few Q-Cells bondholders had been reported to have opposed the PV manufacturer's offer.
Q-Cells said last Friday that the ruling meant it would seek alternatives to support the restructuring plan, without providing details. Management had hoped that agreements with bondholders would provide the necessary financial liquidity the company required to continue operating and carry out restructuring efforts to return the company to profitability over the next few years.
However, concerns have intensified on media reports that the company could file for insolvency over the next few days. Its shares, already under prolonged pressure, have tumbled further today on the media reports.
Q-Cells filed documents with a local court on Tuesday, April 3, 2011. The company said that after an intensive review of restructuring alternatives the company could not continue as a going concern, notably on a sufficiently secure legal basis, which would lead to an insolvency filing with the courts.
The statement is posted below.