Bitterfeld-Wolfen (Germany), 10 October 2011 - Q-Cells International
Finance B.V., Rotterdam, Netherlands, has resolved to invite the holders of
partial bonds of the EUR 492,500,000 1.375% convertible bonds due on 28
February 2012 to a creditors' meeting in Frankfurt am Main on 25 October
2011. The objective of the meeting is to pass a resolution regarding the
appointment of a joint representative of the holders of the convertible
bonds in accordance with the provisions of the German Law on Debt
Securities (Schuldverschreibungsgesetz 2009 - SchVG), who will have the
authority to exercise certain rights, in particular extending the maturity
of the convertible bonds for a certain period, with effect for all
bondholders.
During the course of today, the invitation of the bondholders to attend the
bondholders' meeting will be published in the German Electronic Federal
Gazette (elektronischer Bundesanzeiger), the homepage of the Luxembourg
Stock Exchange as well as on Bloomberg and Reuters.
As already announced at an earlier stage, Q-Cells is currently updating its
business planning and will have it validated by external consultants.
Moreover, consultants have been retained for the purpose of reviewing
Q-Cells Group's financing options. In the event that the review should lead
to the conclusion that further measures in respect of the convertible bonds
might be necessary and advisable from the point of the view of the
bondholders and Q-Cells, and which are accordingly approved by resolution
of the bondholders, the appointment of a joint representative could serve
to support the proper legal implementation of such measures. In preceding
discussions, a holder of a considerable portion of the outstanding
convertible bonds has announced its intention to consent to the appointment
of the joint representative with the aforementioned powers.