Reuters: Bankruptcy News: UPDATE 1-Q-Cells says to file for insolvency on Tuesday

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UPDATE 1-Q-Cells says to file for insolvency on Tuesday Apr 2nd 2012, 13:07 Mon Apr 2, 2012 9:07am EDT * Q-Cells says cannot secure going concern status * Hopes to continue company under insolvency process * Shares suspended from trading (Adds details, background) FRANKFURT, April 2 (Reuters) - The solar industry crisis claimed another victim on Monday, as Germany's Q-Cells , once the world's largest maker of solar cells, said it would file for insolvency after running out of time to restructure its finances. The industry 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. Q-Cells had 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. "Following an intensive review of alternative concepts for the implementation of the financial restructuring, the executive board has reached the conclusion that a going concern of the company cannot be restored on a sufficiently secure legal basis," the ailing company said on Monday. It will file for insolvency on Tuesday and said it hopes to work with the insolvency administrator to ensure the continuation of the company under the insolvency process. Its shares were suspended from trading for an hour and are due to resume trading at 1320 GMT, stock exchange operator Deutsche Boerse said. The company's shares, which had lost 93 of their value over the last year, last traded 18.4 percent lower at 0.173 euros before the suspension. (Reporting by Victoria Bryan) Link this Share this Digg this Email Reprints

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