PV Science

Former Q-Cells SE insolvency proceedings gain speed
PV couche mince - Industrie
Samedi, 28 Septembre 2013 19:24

The creditors of Q-Cells SE, now renamed Global PVQ SE, have approved with a majority the procedural insolvency plan submitted by insolvency administrator Henning Schorisch. The first payout rate for this year has been set at 8.5%. The process should hence be concluded by end of 2015. 

 

The business and the brand Q-Cells had already been taken over by the Korean company Hanwha Chemicals last year.The creditors of Q-Cells SE, now renamed Global PVQ SE, have approved with a majority the procedural insolvency plan submitted by insolvency administrator Henning Schorisch. The first payout rate for this year has been set at 8.5%. The process should hence be concluded by end of 2015. The business and the brand Q-Cells had already been taken over by the Korean company Hanwha Chemicals last year.

The creditors of Global PVQ SE, founded after the sale of the Q-Cells brand and the business operations to Hanwha Chemicals, have now approved the bankruptcy plan with a large majority. Hence it is expected that the company will have a faster payout rate according to Schorisch. The insolvency plan stipulates that this year the payout rate will b 8.5%. "The rate will reach a total high that is well above the average in German insolvency proceedings," Schorisch explained. Hence the process can be completed as quickly as possible. Schorisch expects it to take about three years. The norm is ten years.

Most of Global PVQ SE's assets have been liquidated with the transfer to Hanwha Q.Cells GmbH. The purchase price that was paid by Hanwha Chemicals is now part of the funds available for payout. Liquidation of the remaining assets, for instance remaining properties or corporate investments, and the realisation of a number of claims are expected to take several years to complete. These will then also be distributed to the creditors at the end of the process.

Schorisch also presented the preliminary interim status of the debt. The updated opening statement as of 30 June 2013 lists total assets amounting to about €286 million compared to €371 million in the opening statement as of 1 July 2012. Cash and liquid funds stand at about €211.5 million from the previous €139 million thanks to the liquidation measures undertaken. With regards to liabilities, insolvency claims have been reduced to about €1.6 billion from €1.9 billion. Liabilities to preferential creditors amount to €50 million, almost half of what it used to be.

Source : www.pv-magazine.com

 

 

 

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