Q-cells insolvency proceedings – no layoffs
Despite the preliminary insolvency proceedings, the company’s business performance in the past quarter was satisfactory. The dessau-roblau district court has confirmed lawyer henning schorisch as insolvency administrator. He intends to continue the company’s business operations for the time being. In addition, the search for investors will continue.
The company, which manufactures solar cells, modules and systems for energy generation, had, like other german manufacturers in the sector, slipped into deep red figures as a result of the financial crisis and increasing pressure from cheap competition from asia.
Schorisch explained that he had invited a number of interested parties to examine the business documents. No further details were provided, referring to the agreed confidentiality. The Q-cells board of directors will remain in office and support the administrator.
With the opening of insolvency proceedings, the company will again have to pay the wages and salaries of its approximately 1,300 employees. Up to now, employees have received their pay through insolvency benefits after the company went bankrupt on 3 september. Had filed for insolvency on april. Q-cells has its headquarters in saxony-anhalt, a second production facility is located in malaysia.
In parallel with the search for investors, the option of restructuring Q-cells through an insolvency plan will continue to be examined. “The decision as to which option will be taken will be based on which path will enable the best possible satisfaction of creditors and also the continuation of the company,” explained schorisch. He praised the commitment of Q-cells’ employees. “Everyone is working with full energy towards the goal of maintaining their company.”
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