Global PVQ SE (ehem. Q-Cells SE): hohe Quote für die Gläubiger
Dessau-Rosslau, 27 August 2015 – The insolvency proceedings for Global PVQ SE (formerly Q-Cells SE) are reaching another milestone: insolvency administrator Henning Schorisch will initiate another payment to the creditors as soon as in the next few months. This was communicated by him today at the final creditor meeting (“Schlusstermin”) in Dessau-Rosslau. It means that more than EUR 200 million will be paid out to the insolvency creditors. Schorisch already paid a first instalment of 8.5% on the claims established as soon as around a year and a half after the proceedings had been initiated. On average, the dividend in German insolvency proceedings is only between 3 and 5 per cent. Schorisch predicts a insolvency dividend of at least 25 per cent.
Moreover, the payment was made much faster than is usually the case with insolvency proceedings of this scale. It normally takes up to ten years in similar proceedings until the creditors receive any payments on their claims. "It was our objective from day one that the creditors would not only receive the best achievable dividend but also receive these funds as quickly as possible," Schorisch emphasised today on the occasion of the creditor meeting. This has been facilitated by an insolvency plan devised by the insolvency administrator, which was approved by the vast majority of creditors.
The fact that the dividend exceeds by far the ratios commonly achieved is owed to Schorisch having managed to not only sell the business operations of Q-Cells but to also capitalise on a large number of international holdings and projects of the insolvent company. Moreover, Schorisch expects to be able to make a third payment to the creditors. This depends on the outcome of pending damages actions against former executive board members and members of the company's supervisory board. In addition, rescission actions are underway against former consultants of Q-Cells, two of which Schorisch has already won at first instance. "If these measures lead to additional proceeds, we will distribute them to the creditors at a later date," Schorisch added.
Q-Cells SE, one of the largest producers of solar cells and modules worldwide, filed for insolvency on 3 April 2012 owed to the general crisis in the industry. Despite the difficult market environment, Schorisch managed to continue operations and subsequently sell the activities to the South-Korean Hanwha Group.