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Global PVQ SE

WKN: 555866 / ISIN: DE0005558662

PRESS RELEASE: Global PVQ SE (formerly: Q-Cells SE): Final Meeting in Insolvency Proceedings


27.08.15 10:36
Dow Jones Newswires



PRESS RELEASE: Global PVQ SE (formerly: Q-Cells SE): Final Meeting in Insolvency Proceedings





DGAP-News: Global PVQ SE / Key word(s): Insolvency
Global PVQ SE (formerly: Q-Cells SE): Final Meeting in Insolvency
Proceedings

2015-08-27 / 10:36

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Global PVQ SE (formerly: Q-Cells SE): Final Meeting in Insolvency
Proceedings

Halle/Saale, 27 August 2015

Today, on 27 August 2015, the creditors of Global PVQ SE (formerly: Q-Cells
SE) will hold the final meeting ("Schlusstermin") in the insolvency
proceedings, in which, inter alia, the final accounts ("Schlussrechnung")
as of 31 December 2014 prepared by insolvency administrator Henning
Schorisch will be discussed.

Based on these final accounts the final distribution will be carried out in
the following months. After an advance distribution in an aggregate amount
of EUR 56,7 mio. has been made already in November 2013, another approx.
EUR 160 mio. are now available for final distribution. Creditors, who did
not participate in the advance distribution, will, within the scope of the
final distribution, receive an advance amount giving them the same status
as the remaining creditors.

Insolvency administrator Henning Schorisch will keep on utilizing such
assets not utilized yet and, after utilization has been finished, will
provide the proceeds received to the creditors by way of another
distribution.

In the creditors meeting the financial data as of 31 December 2014, being
an interim result of the accounting based on insolvency law, will be
presented, taking into account any value adjustments until 30 June 2015. As
of 31 December 2014 the total assets amount to EUR 320 mio. On the
liability side, insolvency claims in an aggregate amount of EUR 1,764 mio.
exist. However, it is to be expected that this amount will be reduced by at
least EUR 433 mio. due to bonds being registered twice. As of 31 December
2014, liabilities to preferential creditors amount to EUR 54 mio. After
adjusting the total assets by amounts accounted for bonds and other claims
held by Global PVQ-group (- EUR 82 mio.) as well as after adjusting the
liability side by such claims held by subsidiaries of Global PVQ SE (- EUR
364 mio.), in the light of current knowledge a final insolvency dividend
("Insolvenzquote") of at least 25 % is to be expected. Currently, legal
proceedings are ongoing, inter alia regarding directors' and officers'
liability, claims resulting from transactions being contested
("Insolvenzanfechtung") by the insolvency administrator as well as
consideration of insolvency claims for distribution. Depending on the
result of such legal proceedings, this could lead to an increase of the
total assets by up to EUR 150 mio. or to an decrease of the aggregate
amount of insolvency claims by up to EUR 175 mio., respectively, and,
therefore, could result in an increase of the final insolvency dividend.

The figures presented are preliminary and only indicate a preliminary
result in the insolvency proceedings. The final result of the proceedings
and the expected final insolvency dividend depend on various factors, which
are certain only after the accounting date and are, therefore, not fully
accounted for in the figures.

Contact:
Christoph Möller
möller pr
Phone: 0221 80 10 87-87
E-mail: cm@moeller-pr.de

End of Corporate News



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2015-08-27 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Global PVQ SE
Sonnenallee 17-21
06766 Bitterfeld-Wolfen OT Thalheim
Germany
Phone: +49 (0)3494-669970102
Fax: +49 (0)3494 - 669970001
E-mail: s.krystossek@pvqse.de
Internet: www.pvqse.de
ISIN: DE0005558662, Wandelanleihe 2014: DE000A1AGZ06,
Wandelanleihe 2015: DE000A1E8HF6
WKN: 555866
Listed: Regulated Unofficial Market in Hamburg, Hanover,
Stuttgart; Open Market in Frankfurt


End of News DGAP News-Service
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389941 2015-08-27



(END) Dow Jones Newswires




August 27, 2015 04:36 ET (08:36 GMT)







 
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