Creditors of insolvent Q-Cells to get partial compensation by end-2013

Aug 30, 2013 - The creditors of insolvent German solar company Q-Cells SE, now renamed to Global PVQ SE, will receive a partial payout from the remaining corporate assets by the end of 2013.

Insolvency administrator Henning Schorisch said Friday the payout rate for this initial payment has been set at 8.5%.

The creditors have approved the insolvency plan proposed by Schorisch with a majority.

There are more than 2,600 claims raised by Global PVQ SE creditors, among which are corporate bondholders, banks and clients. The total amount of the claims stands at over EUR 1.6 billion (USD 2.118bn).

Part of the accumulated assets of Global PVQ SE, which will be used to repay the creditors, consists of the money paid by South Korean Hanwha Chemical Corp (KRX:009835) for the Q-Cells brand and operations.

The Korean group created Hanwha Q-Cells GmbH after the acquisition. The new company is expected to turn in profit as soon as 2014.

The assets of Global PVQ SE as of June 30, 2013 amounted to EUR 286 million, according to Schorisch. At the beginning of July 2012, when the insolvency proceedings were opened, the company's assets stood at EUR 371 million.

The cash and liquid assets of the company have increased to EUR 211.5 million from EUR 139 million in July last year.

The liquidation of the remaining assets of Global PVQ SE and the full repayment to creditors is expected to take a few more years.

(EUR 1.0 = USD 1.321)

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