News Article
Buyer Found For Q.CELLS?
The South Korean conglomerate Hanwha Group intends to acquire the insolvent photovoltaics company Q-Cells SE. Hanwha and insolvency administrator Henning Schorisch signed a corresponding contract. This contract is subject to the approval of the creditors' meeting on 29 August. Along with the assumption of business liabilities in the low hundreds of millions, the agreement also provides for a cash purchase price in the medium double-digit million Euros range. The strategic investor intends to take over major parts of the Q.CELLS Group.
However latest news suggests that Hanwha may face a challenge from Spanish owned Isofoton SA.
Isofoton SA was approved to bid for Q-Cells after Chief Executive Officer Angel Luis Serrano met with the German company's insolvency administrator Henning Schorisch, according to an e-mailed statement from Isofoton. Serrano will present the bid, to be made with a U.S. investor it didn't identify, to Q-Cells' creditors.
The decision to accept this offer or to pursue other options is to be taken by the creditors. Following the creditors' meeting on 29 August, Q.CELLS will inform about its outcome and further proceedings.
Q-Cells SE had filed for insolvency on 3 April 2012.
