FRANKFURT, March 30 (Reuters) - Ailing German solar company Q-Cells said on Friday it would look into other ways to restructure its debt, after concluding that a court ruling would prevent it from going ahead with an existing plan to swap debt for equity.
Q-Cells, once the world's largest maker of solar cells, pointed to a decision by a Frankfurt court over German wood processor Pfleiderer, which filed for insolvency earlier this week.
The court decided against Pfleiderer in a case where bond-holders were asked to forego their claims in exchange for a small stake in the group.
"The group is convinced that the (court's) decision is wrong. However, lawsuits expected against Q-Cells' restructuring programme would also be handled by the same court and there is no reason to believe that the court will change its view," Q-Cells said on Friday.
In February, Q-Cells agreed in principle with major bondholders to restructure its three convertible bonds in a debt-for-equity swap that would have given bondholders 95 percent of Q-Cells shares.
"In light of the current developments, the company is examining alternatives to implement its restructuring programme," Q-Cells said.
At 1325 GMT, its shares were down 10.6 percent at 0.202 euros.
Q-Cells has been hit hard by the solar industry's crisis, forcing it to restructure its three convertible bonds due in 2012, 2014 and 2015.
The crisis, triggered by plunging prices for solar equipment, overcapacity and falling government subsidies, has already claimed some of Q-Cells peers, including Solon , Solar Millennium and Solarhybrid, which all filed for insolvency in recent months. (Reporting by Christoph Steitz; Editing by Mark Potter)
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