German solar panel maker Q-Cells SE, once the largest solar panel maker in the world, has said it will file for insolvency tomorrow following a failed attempt to restructure its debt. A court ruling last week prevented the company from completing a debt for equity swap.
The company said in a press release:
Following an intensive review of alternative concepts for the implementation of the financial restructuring, the executive board has reached the conclusion that a going concern of the company cannot be restored on a sufficiently secure legal basis.
Q-Cells follows the path of other German solar panel makers including Solar Millenium and Solar Hybrid which were also forced to shutter operations as panel prices plunged last year. US solar panel makers Evergreen Solar and Solyndra both closed last year, with Solyndra’s bankruptcy filing raising particular ire due to a federal loan that cost US taxpayers $500 million.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
