Global PVQ SE
Global PVQ SE (formerly: Q-Cells SE): Final Meeting in Insolvency Proceedings

Global PVQ SE (formerly: Q-Cells SE): Final Meeting in Insolvency Proceedings

Halle/Saale, 27 August 2015

Today, on 27 August 2015, the creditors of Global PVQ SE (formerly: Q-Cells SE) will hold the final meeting (“Schlusstermin”) in the insolvency proceedings, in which, inter alia, the final accounts (“Schlussrechnung”) as of 31 December 2014 prepared by insolvency administrator Henning Schorisch will be discussed.

Based on these final accounts the final distribution will be carried out in the following months. After an advance distribution in an aggregate amount of EUR 56,7 mio. has been made already in November 2013, another approx. EUR 160 mio. are now available for final distribution. Creditors, who did not participate in the advance distribution, will, within the scope of the final distribution, receive an advance amount giving them the same status as the remaining creditors.

Insolvency administrator Henning Schorisch will keep on utilizing such assets not utilized yet and, after utilization has been finished, will provide the proceeds received to the creditors by way of another distribution.

In the creditors meeting the financial data as of 31 December 2014, being an interim result of the accounting based on insolvency law, will be presented, taking into account any value adjustments until 30 June 2015. As of 31 December 2014 the total assets amount to EUR 320 mio. On the liability side, insolvency claims in an aggregate amount of EUR 1,764 mio. exist. However, it is to be expected that this amount will be reduced by at least EUR 433 mio. due to bonds being registered twice. As of 31 December 2014, liabilities to preferential creditors amount to EUR 54 mio. After adjusting the total assets by amounts accounted for bonds and other claims held by Global PVQ-group (- EUR 82 mio.) as well as after adjusting the liability side by such claims held by subsidiaries of Global PVQ SE (- EUR 364 mio.), in the light of current knowledge a final insolvency dividend (“Insolvenzquote”) of at least 25 % is to be expected. Currently, legal proceedings are ongoing, inter alia regarding directors’ and officers’ liability, claims resulting from transactions being contested (“Insolvenzanfechtung”) by the insolvency administrator as well as consideration of insolvency claims for distribution. Depending on the result of such legal proceedings, this could lead to an increase of the total assets by up to EUR 150 mio. or to an decrease of the aggregate amount of insolvency claims by up to EUR 175 mio., respectively, and, therefore, could result in an increase of the final insolvency dividend.

The figures presented are preliminary and only indicate a preliminary result in the insolvency proceedings. The final result of the proceedings and the expected final insolvency dividend depend on various factors, which are certain only after the accounting date and are, therefore, not fully accounted for in the figures.

Contact:
Christoph Möller
möller pr
Phone: 0221 80 10 87-87
E-mail: cm@moeller-pr.de

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