CORRECTION: Q-Cells SE: Convertible bond holders of Q-Cells approve the moratorium
DGAP-News: Q-Cells SE / Key word(s): Bond
CORRECTION: Q-Cells SE: Convertible bond holders of Q-Cells approve
the moratorium
27.02.2012 / 23:04
---------------------------------------------------------------------
PRESS RELEASE
Convertible bond holders of Q-Cells approve the moratorium
Bitterfeld-Wolfen (Germany), February 27, 2012 - At today's Creditors'
Meeting of Q-Cells International Finance B.V., Rotterdam, Netherlands,
which was held in Frankfurt am Main, the holders of the still outstanding
portion of the Convertible Bond (ISIN DE000A0LMY64) maturing on February
28, 2012 approved the management's proposal authorizing the Joint
Representative, attorney Dr. Carlos Mack, who was appointed at the
Creditors' Meeting of October 25, 2011, to postpone the maturity date of
the bond until April 30, 2012. The Convertible Bond, which has an original
face value of EUR 492.5 million, bears interest at the rate of 1.375% p.a.
and would have matured on February 28, 2012. The resolved moratorium also
affects the claims under the guarantee assumed by Q-Cells SE for the
Convertible Bond. Approximately 83% of the still outstanding nominal
amount was represented at the meeting and the creditors approved the agenda
item with a majority of some 80%.
After the basic agreement reached with significant creditors in early
February 2012 to restructure all outstanding convertible bonds, the
resolved moratorium is another important milestone for the successful
restructuring of the financial liabilities of the Q-Cells Group. After
today's Creditors' Meeting, further procedural steps will follow, so that
the financial restructuring can be implemented with legal certainty, with
majorities of the creditors and shareholders of Q-Cells SE. Q-Cells is
optimistic that this will succeed and expects to implement the financial
restructuring in the second half of this year.
CONTACT
Q-Cells SE
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
WEB www.q-cells.com
Q-Cells Corporate Communications
Ina von Spies, Alberta Rohardt
TEL (+49) 03494 6699.10121
FAX (+49) 03494 6699.10000
EMAIL presse@q-cells.com
Q-Cells Investor Relations
Stefan Lissner
TEL (+49) 03494 6699.10101
FAX (+49) 03494 6699.10000
EMAIL investor@q-cells.com
About Q-Cells SE
The Q-Cells Group is one of the world's leading photovoltaics companies and
offers a wide range of photovoltaic solutions, from solar cells and modules
to solar power plants. Q-Cells's products are developed and manufactured at
its headquarters in Bitterfeld-Wolfen (Germany) and marketed via its global
sales network. It also has a second production plant in Malaysia. More than
200 scientists and engineers at Q-Cells are working to swiftly advance
solar technology and achieve Q-Cells' twin aims: driving down the costs of
photovoltaics quickly and permanently, and making solar power competitive.
The close links between R&D and production enable Q-Cells to rapidly
translate cutting-edge innovation into mass production - and underpin its
ambition to be at the forefront of photovoltaic technology. Q-Cells is
quoted on the Frankfurt Stock Exchange (QCE; ISIN DE0005558662) and also
listed on the TecDAX, the German technology index.
Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas von Zitzewitz (COO,
CSO)
Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung
End of Corporate News
---------------------------------------------------------------------
27.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Q-Cells SE
Sonnenallee 17-21, OT Thalheim
06766 Bitterfeld-Wolfen
Germany
Phone: +49 (0)3494 - 6699-0
Fax: +49 (0)3494 - 6699-199
E-mail: q-cells@q-cells.com
Internet: www.q-cells.com
ISIN: DE0005558662, Wandelanleihe 2012: DE000A0LMY64,
Wandelanleihe 2014: DE000A1AGZ06, Wandelanleihe 2015:
DE000A1E8HF6
WKN: 555866
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
158293 27.02.2012
DGAP-News: Q-Cells SE / Key word(s): Bond
CORRECTION: Q-Cells SE: Convertible bond holders of Q-Cells approve
the moratorium
27.02.2012 / 23:04
---------------------------------------------------------------------
PRESS RELEASE
Convertible bond holders of Q-Cells approve the moratorium
Bitterfeld-Wolfen (Germany), February 27, 2012 - At today's Creditors'
Meeting of Q-Cells International Finance B.V., Rotterdam, Netherlands,
which was held in Frankfurt am Main, the holders of the still outstanding
portion of the Convertible Bond (ISIN DE000A0LMY64) maturing on February
28, 2012 approved the management's proposal authorizing the Joint
Representative, attorney Dr. Carlos Mack, who was appointed at the
Creditors' Meeting of October 25, 2011, to postpone the maturity date of
the bond until April 30, 2012. The Convertible Bond, which has an original
face value of EUR 492.5 million, bears interest at the rate of 1.375% p.a.
and would have matured on February 28, 2012. The resolved moratorium also
affects the claims under the guarantee assumed by Q-Cells SE for the
Convertible Bond. Approximately 83% of the still outstanding nominal
amount was represented at the meeting and the creditors approved the agenda
item with a majority of some 80%.
After the basic agreement reached with significant creditors in early
February 2012 to restructure all outstanding convertible bonds, the
resolved moratorium is another important milestone for the successful
restructuring of the financial liabilities of the Q-Cells Group. After
today's Creditors' Meeting, further procedural steps will follow, so that
the financial restructuring can be implemented with legal certainty, with
majorities of the creditors and shareholders of Q-Cells SE. Q-Cells is
optimistic that this will succeed and expects to implement the financial
restructuring in the second half of this year.
CONTACT
Q-Cells SE
OT Thalheim, Sonnenallee 17-21
06766 Bitterfeld-Wolfen, Germany
WEB www.q-cells.com
Q-Cells Corporate Communications
Ina von Spies, Alberta Rohardt
TEL (+49) 03494 6699.10121
FAX (+49) 03494 6699.10000
EMAIL presse@q-cells.com
Q-Cells Investor Relations
Stefan Lissner
TEL (+49) 03494 6699.10101
FAX (+49) 03494 6699.10000
EMAIL investor@q-cells.com
About Q-Cells SE
The Q-Cells Group is one of the world's leading photovoltaics companies and
offers a wide range of photovoltaic solutions, from solar cells and modules
to solar power plants. Q-Cells's products are developed and manufactured at
its headquarters in Bitterfeld-Wolfen (Germany) and marketed via its global
sales network. It also has a second production plant in Malaysia. More than
200 scientists and engineers at Q-Cells are working to swiftly advance
solar technology and achieve Q-Cells' twin aims: driving down the costs of
photovoltaics quickly and permanently, and making solar power competitive.
The close links between R&D and production enable Q-Cells to rapidly
translate cutting-edge innovation into mass production - and underpin its
ambition to be at the forefront of photovoltaic technology. Q-Cells is
quoted on the Frankfurt Stock Exchange (QCE; ISIN DE0005558662) and also
listed on the TecDAX, the German technology index.
Executive Board: Dr Nedim Cen (CEO, CFO), Dr Andreas von Zitzewitz (COO,
CSO)
Chairman of the Supervisory Board: Prof Dr h c Karlheinz Hornung
End of Corporate News
---------------------------------------------------------------------
27.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Q-Cells SE
Sonnenallee 17-21, OT Thalheim
06766 Bitterfeld-Wolfen
Germany
Phone: +49 (0)3494 - 6699-0
Fax: +49 (0)3494 - 6699-199
E-mail: q-cells@q-cells.com
Internet: www.q-cells.com
ISIN: DE0005558662, Wandelanleihe 2012: DE000A0LMY64,
Wandelanleihe 2014: DE000A1AGZ06, Wandelanleihe 2015:
DE000A1E8HF6
WKN: 555866
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
158293 27.02.2012