Global PVQ SE
Global PVQ SE: Insolvency Plan approved

Insolvency plan approved

Bitterfeld-Wolfen, 29 August 2013 – The creditors of Global PVQ SE (formerly Q-Cells SE) have in today’s creditors meeting in Dessau-Rosslau approved with a big majority the procedural insolvency plan submitted by insolvency administrator Henning Schorisch:

In summary, the insolvency plan envisages the following provisions:

1. Most of the assets of Global PVQ SE have been liquidated through the transfer to Hanwha Q.Cells GmbH (hereinafter referred to as ‘Hanwha’). Liquidation of the remaining assets, for instance remaining properties or corporate investments, and the realisation of a number of claims are expected to take several years to complete. In order to be able to distribute the liquidation proceeds achieved to date to the creditors as promptly as possible, the standard proceeding is to be completed on the basis of the insolvency plan approved in today’s creditors meeting.

2. In the purchase contract, Hanwha committed to take over warranties for certain products of the insolvency debtor. Group 1 consists of creditors benefited by this provision. They are offered a choice between a transfer of their warranty claims to Hanwha and payment of an insolvency quota of 0.7% of the claims established as being subject to a condition precedent as per schedule of creditors’ claims. Creditors in this group do not participate in further distributions.

3. All creditors with warranty claims whose claims are subject to a condition precedent, and who are not included in Group 1 are included in Group 2. These creditors will receive an insolvency quota of 0.7% of claims established as being subject to a condition precedent as per schedule of creditors’ claims. Creditors in this group do not participate in further distributions.

4. The bond creditors (Convertible Bond 2007/2012 of Global PVQ Netherlands BV [ISIN DE 000A0LMY64]; Convertible Bond 2009/2014 of Global PVQ Netherlands BV [ISIN DE 000A1AGZ06]; Convertible Bond 2010/2015 [ISIN DE 000A1E8HF6]) make up Group 3. Within ten weeks of the approved insolvency plan coming into legal force, bond holders will receive an advance distribution amounting to 8.5% of their claims established as per schedule of creditors’ claims provided they submit a declaration to their custodian bank stating that they will convert their bond(s) into a securities identification number that is not tradable at a stock exchange or in off-floor trading within one month of the approved insolvency plan coming into force and that the actual conversion takes place. The individual transfer of fractional bonds (outside stock-exchange or off-floor trading) remains possible after the advance distribution. These creditors continue to participate in the process with the remainder of their claim.

If creditors of Group 3 do not submit the conversion declaration, then within the scope of the final distribution they will receive an advance amount giving them the same status as the remaining creditors of this group.

5. All remaining creditors make up Groups 4 and 5. The creditors in Group 4 will also receive an advance distribution amounting to 8.5% of their established claims within ten weeks of the present insolvency plan coming into legal force,. If the claims are established and added to the schedule of creditors’ claims only in the later course of the proceeding, these creditors will receive a corresponding advance amount in the context of the final distribution.

6. Exempted from Group 4 are creditors (i) whose claims are determined subject to a condition precedent and (ii) who claim separate satisfaction from funds separated for such creditors. These creditors make up group 5. Their right to separate satisfaction will not be affected. Further regulation for creditors of this group is not intended.

As soon as the insolvency administrator has finished verifying the claims recorded in the schedule of creditors’ claims, the insolvency administrator can prepare the final accounts (Schlussrechnung).

The total distributable assets are then paid out to the creditors of Groups 3 and 4, except for an amount of EUR 5 million. The assets that at this moment – for legal or practical reasons – have not yet been liquidated may be paid out within the scope of delayed distribution (Nachtragsverteilung) in the further course of the insolvency proceedings. The retained EUR 5 million are intended to cover the costs of continued liquidation, and if they are not used up they will be distributed within the scope of the delayed distribution to the creditors of groups 3 and 4. .

Lastly, the insolvency plan approved in today’s creditors meeting grants the insolvency administrator power of attorney to conclude compromise settlements, especially with regard to contested insolvency claims, with the creditors.

The actual financial data was also presented at the creditors meeting. The updated opening statement as of 30 June 2013 lists total assets amounting to EUR 285.918.012 compared to EUR 371.035.763 in the opening statement as of 01 July 2012. Cash and liquid funds of the company have risen from EUR 138.963.792 to EUR 211.531.468 as a result from the liquidation measures carried out so far. With regard to the liabilities, insolvency claims have been reduced from EUR 1.922.215.724 to EUR 1.612.787.481. Liabilities to preferential creditors amount to EUR 50.000.000 now compared to EUR 103.809.537. The reduction of the totals assets as of 30 June 2013 compared to the total assets as of 01 July 2012 results largely from the payment of preferential claims from the liquid funds available or generated from the liquidation measures.

The presented figures as of 30 June 2013 are preliminary and only indicate a preliminary result in the insolvency proceedings. The final result of the proceedings and the expected 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: Global PVQ SE, phone +49-152-01685528