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DGAP-News: Global PVQ SE: Insolvency Plan approved



DGAP-News: Global PVQ SE: Insolvency Plan approved

DGAP-News: Global PVQ SE / Key word(s): Insolvency
Global PVQ SE: Insolvency Plan approved

29.08.2013 / 17:21

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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


End of Corporate News

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29.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:    English                                                    
Company:     Global PVQ SE                                              
             Sonnenallee 17-21                                          
             06766 Bitterfeld-Wolfen OT Thalheim                        
             Germany                                                    
Phone:       +49 (0)3494-669970102                                      
Fax:         +49 (0)3494 - 669970001                                    
E-mail:      s.krystossek@pvqse.de                                      
Internet:    www.pvqse.de                                               
ISIN:        DE0005558662, Wandelanleihe 2014: DE000A1AGZ06,            
             Wandelanleihe 2015: DE000A1E8HF6                           
WKN:         555866                                                     
Listed:      Freiverkehr in Hamburg, Hannover, Stuttgart; Frankfurt in  
             Open Market                                                
 
 
End of News    DGAP News-Service  
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228201 29.08.2013                                                      
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