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Lights go out at leading German solar firm

The Local · 2 Apr 2012, 16:15

Published: 02 Apr 2012 16:15 GMT+02:00

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"Following an intensive review of alternative concepts for the implementation of financial restructuring, the executive board has reached the conclusion that a going concern ... cannot be restored on a sufficiently secure legal basis," the ailing group said in a statement.

"Therefore the filing for insolvency proceedings is legally necessary."

Q-Cells said its executive board and the preliminary administrator "will work together to secure the continuity of the company within the insolvency proceedings."

Q-Cells, which employs more than 2,000 people, has been in dire financial straits for weeks. Its collapse comes after a series of corporate failures in the solar power sector in Germany recently.

Shares in the firm lost more than 30 percent of their worth on Monday morning on the back of rumours about the company’s financial health. By the middle of the afternoon, management had confirmed they would be filing for bankruptcy on Tuesday.

Story continues below…


The Local (news@thelocal.de)

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Your comments about this article

18:34 April 2, 2012 by Reader75
Too bad Q-Cells is not an American company, then Obama could give it $500 million and let it squander that before it declares bankruptcy.
20:48 April 2, 2012 by Englishted
The last paragraph looks a lot like insider dealing to me .

Did any of the management sell their shares to start the rumour?
22:33 April 2, 2012 by Illogicbuster
Hmm, start a company to produce a non-viable product and anyone wonders why it does under?

12:11 April 3, 2012 by DocEllis
Perhaps if the Chinese did not provide illegal subsidies to Chinese solar panel manufacturers US and Germany manufacturers could compete in their own domestic markets. Hence the US failure and now the German. Viable products that lead the way to the future do not always start off easily, and when foreign governments get involved in the market place to try to create a competitive edge for their companies, sometimes the products and companies suffer.

Germany has more solar panels than most western countries. There is plenty of demand, and there will be plenty of demand in the future. Solar panels are the future.

Also running a business in a start-up industry is not easy, and running any business in Germany is not easy.
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