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. 

Update 1.

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.

Q-Cells SE files for insolvency proceedings
 
Bitterfeld-Wolfen (Germany), 02 April 2012. Q-Cells SE will file for insolvency proceedings on Tuesday, 3 April 2012, at the competent Insolvency Court in Dessau. 
 
Against the background of the final ruling of the Frankfurt Higher Regional Court in the Pfleiderer case on March 27, 2012, the company had come to the conclusion that no going concern prognosis is given anymore.
 
Following an intensive review of alternative concepts for the implementation of the financial restructuring, the Executive Board has reached the conclusion that a going concern of the company cannot be restored on a sufficiently secure legal basis. Therefore the filing for insolvency proceedings is legally necessary.
 
The Executive Board and the preliminary insolvency administrator will work together to secure the continuity of the company within the insolvency proceedings.
 
Update 2
 
Insolvency administrators, HWW Wienberg Wilhelm have been appointed to take control of Q-Cells during bankruptcy proceedings, according to the local court of Dessau-Rosslau, near Q-Cells headquarters in Thalheim, Germany. The same administrators are handling the bankruptcy of CIGS thin film firm, Odersun. 
 

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