South Korea's Hanwha Group intends to buy the German insolvent photovoltaics company Q-Cells SE (QCLSF.PK). Hanwha and Q-Cells' insolvency administrator Henning Schorisch had signed a contract, which needs to be approved by a creditors' meeting to be held on Aug. 29.
Along with the assumption of business liabilities in the low hundreds of millions, the agreement also provides for a cash purchase price in the medium double-digit million Euro range, Q-cells said in a statement.
Q-Cells SE had filed for insolvency on 3 April 2012. In the months prior to this date, the legal basis for the planned financial restructuring was blocked due to a decision made by the Oberlandesgericht Frankfurt.
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