Q-Cells reached a deal with LDK Solar allowing the company to repay the remaining amount of, US$224.9 million, which Q-Cells loaned in 2008, in its entirety by the end of 2011. Payments of US$195 million from LDK Solar have been agreed to until the end of this year with an initial payment of US$56.2 million having already been made. Q-Cells has two unpaid convertible bonds with repayment of US$642.3 million for the first bond due in February 2012.
The initial repayment schedule saw a staged repayment plan that lasted until the end of 2015. In return for early repayment, the present bank guarantee, which the Q-Cells loan is secured by, will be decreased in stages and exchanged for other collateral.
Additionally, Q-Cells and LDK mutually agreed to adjust the prices on the existing solar wafer supply contract. Flexible prices will continue to apply for the rest of the contract through 2018, which will be in line with the market price and determined on a quarterly basis.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
