Bitterfeld-Wolfen, 28. February 2012, A Creditors' Meeting of Q-Cells International Finance B.V., Rotterdam, Netherlands, which was held in Frankfurt am Main, the holders of the still outstanding portion of the Convertible Bond (ISIN DE000A0LMY64) maturing on February 28, 2012 approved the management's proposal authorizing the Joint Representative, attorney Dr. Carlos Mack, who was appointed at the Creditors' Meeting of October 25, 2011, to postpone the maturity date of the bond until April 30, 2012.
The Convertible Bond, which has an original face value of EUR 492.5 million, bears interest at the rate of 1.375% p.a. and would have matured on February 28, 2012. The resolved moratorium also affects the claims under the guarantee assumed by Q-Cells SE for the Convertible Bond. Approximately 83% of the still outstanding nominal amount was represented at the meeting and the creditors approved the agenda item with a majority of some 80%.
After the basic agreement reached with significant creditors in early February 2012 to restructure all outstanding convertible bonds, the resolved moratorium is another important milestone for the successful restructuring of the financial liabilities of the Q-Cells Group. After today's Creditors' Meeting, further procedural steps will follow, so that the financial restructuring can be implemented with legal certainty, with majorities of the creditors and shareholders of Q-Cells SE. Q-Cells is optimistic that this will succeed and expects to implement the financial restructuring in the second half of this year.
Source: Q-Cells SE