Bitterfeld-Wolfen, 25 October 2011, At today's creditors' meeting of Q-Cells International Finance B.V., Rotterdam, the Netherlands, which was held in Frankfurt am Main, the holders of the outstanding convertible bond (ISIN DE000A0LMY64) approved - among other things - the management proposal to appoint attorney Dr. Carlos Mack as the joint representative of the bond holders. The convertible bond with an original face value of EUR 492.5 million and EUR 201.7 million outstanding bears interest at 1.375 % p.a. and matures on 28 February 2012. Some 82 % of the outstanding capital was represented at the meeting. All agenda items were supported by more than 94 % of the votes.
Among other things, Carlos Mack was also authorised by the bond holders to defer the maturity of the convertible bond issue from 28 February 2012, if necessary and under certain circumstances, for a relevant period up to the end of 2012 at the latest (deferral). The same applies to claims arising from the guarantee for the convertible bonds assumed by Q-Cells SE. A vote on the need for or possible duration of a deferral was not held at this time.
Appointing the joint representative is an important step since, subject to possible appeals, it establishes the prerequisites to define and implement the restructuring of the financial liabilities of the Q-Cells Group with the creditors, if that was necessary. However, a decision as to whether such a restructuring is actually required can only be reached after updating and validating the medium-term business plan of Q-Cells SE and examining all financing options. It is envisaged that this process will be completed in the course of November 2011.
Source: Q-Cells SE