DGAP-News: Q-Cells SE / Key word(s): Bond
Q-Cells SE: Holders of Q-Cells Convertible Bonds Appoint Joint
Representative
25.10.2011 / 15:02
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PRESS RELEASE
Holders of Q-Cells Convertible Bonds Appoint Joint Representative
Bitterfeld-Wolfen (Germany), 25 October 2011 - At today's creditors'
meeting of Q-Cells International Finance B.V., Rotterdam, the Netherlands,
which was held in Frankfurt am Main, the holders of the outstanding
convertible bond (ISIN DE000A0LMY64) approved - among other things - the
management proposal to appoint attorney Dr. Carlos Mack as the joint
representative of the bond holders. The convertible bond with an original
face value of EUR 492.5 million and EUR 201.7 million outstanding bears
interest at 1.375 % p.a. and matures on 28 February 2012. Some 82 % of the
outstanding capital was represented at the meeting. All agenda items were
supported by more than 94 % of the votes.
Among other things, Carlos Mack was also authorised by the bond holders to
defer the maturity of the convertible bond issue from 28 February 2012, if
necessary and under certain circumstances, for a relevant period up to the
end of 2012 at the latest (deferral). The same applies to claims arising
from the guarantee for the convertible bonds assumed by Q-Cells SE. A vote
on the need for or possible duration of a deferral was not held at this
time.
Appointing the joint representative is an important step since, subject to
possible appeals, it establishes the prerequisites to define and implement
the restructuring of the financial liabilities of the Q-Cells Group with
the creditors, if that was necessary. However, a decision as to whether
such a restructuring is actually required can only be reached after
updating and validating the medium-term business plan of Q-Cells SE and
examining all financing options. It is envisaged that this process will be
completed in the course of November 2011.
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 ist 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), Dr Marion Helmes (CFO), Dr Andreas von
Zitzewitz (COO)
Chairman of the Supervisory Board: Prof Dr Karlheinz Hornung
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
TEL +49 (0)3494 6699 10121
FAX +49 (0)3494 6699 10000
EMAIL presse@q-cells.com
Q-Cells Investor Relations
Stefan Lissner
TEL +49 (0)3494 6699 10101
FAX +49 (0)3494 6699 10000
EMAIL investor@q-cells.com
End of Corporate News
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25.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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
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143399 25.10.2011
DGAP-News: Q-Cells SE: Holders of Q-Cells Convertible Bonds Appoint Joint Representative
| Source: EQS Group AG