Global PVQ creditors vote to approve insolvency plan by 'big majority'

By Caroline Salls

Pittsburgh, Aug. 29 - Global PVQ SE's creditors approved the insolvency plan submitted by the company's insolvency administrator "with a big majority," according to a news release.

Global PVQ's insolvency administrator is Henning Schorisch.

The company said most of the assets of Global PVQ have been liquidated through a transfer to Hanwha Q.Cells GmbH.

In the purchase contract, Hanwha committed to take over warranties for some products of the insolvency debtor.

Plan terms

According to the release, creditor group one consists of creditors benefited by this provision, who will be offered a choice between a transfer of their warranty claims to Hanwha and payment of an insolvency quota of 0.7% of the claims established as being subject to a condition precedent. Creditors in this group will not participate in further distributions.

Meanwhile, all creditors with warranty claims whose claims are subject to a condition precedent and are not included in group one but are included in creditor group two.

Group two creditors will receive an insolvency quota of 0.7% of claims established as being subject to a condition precedent and will also not participate in further distributions.

Bond creditors make up group three and will receive an advance distribution amounting to 8.5% of their claims, provided that they submit a declaration to their custodian bank stating that they will convert their bonds into a securities identification number that is not tradable at a stock exchange or in off-floor trading within one month of the approved insolvency plan coming into force and provided that the actual conversion takes place.

These creditors will continue to participate in the process with the remainder of their claim.

If group three creditors do not submit the conversion declaration, they will receive an advance amount giving them the same status as the remaining creditors of this group.

All remaining creditors make up groups four and five.

Group four creditors will also receive an advance distribution amounting to 8.5% of their established claims. If the claims are established and added to the schedule only in the later course of the proceeding, these creditors will receive a corresponding advance amount as part of the final distribution.

Group five creditors are who are exempt from group four, with their claims determined subject to a condition precedent. These creditors claim separate satisfaction from funds separated for them, and their right to separate satisfaction will not be affected.

Delayed distribution

Assets that have not yet been liquidated may be paid out under a delayed distribution.

The company said €5 million will be retained to cover the costs of continued liquidation and, if they are not used up, will be distributed under the delayed distribution to group three and group four creditors.

Global PVQ, formerly Q-Cells SE, is based in Bitterfeld-Wolfen, Germany, and makes photovoltaic products such as solar panels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.