On April 3, German solar cell maker Q-Cells (ETR: QCE) filed for insolvency after failed attempts at restructuring.
It’s been just one of many solar company bankruptcies over the past year, beginning with Solyndra.
But unlike many others, Q-Cells is showing potential once again.
The company’s insolvency administrator, Henning Schorisch of HWW Wienberg Wilhelm, hired Deloitte Touche Tohmatsu Ltd. to find investors for the company.
And since then he has announced that a number of investors have come forward, both foreign and domestic. In his press release, Schorisch said:
“Our aim is to save as much of Q-Cells as possible. The next few weeks will show the extent of investors’ interest.”
Since the insolvency filing, Q-Cells has been able to return the production of mono- and mulitcrystalline cells to half normal levels.
In addition, module production is operating on three shifts. The company is making plans to return to a full four shifts soon.
After filing, the company was anxious to return to production, particularly since its storage facilities were empty at the time of the filing.
And heading into spring and summer, when solar power is most popular, they couldn’t afford to lose too much business.
There have also been discussions of bringing in employers from Q-Cells’ subsidiary, Solibro, to help return to full production. Schorisch said:
“The workforce at Q-Cells is understandably upset by the insolvency proceeding, but it is still highly motivated. Everyone is pulling together.”
The company’s shares jumped 20% on Monday to 15.6 euro cents.
That’s all for now,