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A stay of execution on the possible but not inevitable bankruptcy of Q-Cells has been achieved with the majority of holders of a convertible bond due today. Q-Cells were able to secure a two-month deferment of a €200 million payment, though original attempts to prevent the convertible bond from being redeemed have currently failed. The company had previously stated that although it had funds to make the repayment, it would significantly endanger its ability to continue operating due to liquidity issues. The maturity date of the bond has been moved to April 30, 2012.
Q-Cells said that after yesterday’s creditors' meeting, further procedural steps would follow, which were connected to the planned financial restructuring the company has committed to implementing in the second half of the year.
