German solar firm Q-Cells to file for bankruptcy
BERLIN (AP) — Struggling German solar cell manufacturer Q-Cells SE says it will file for bankruptcy after abandoning a debt restructuring plan.
The company said it will make its filing Tuesday at a court in Dessau. It said Monday that it had concluded it had no alternative after examining alternative restructuring plans.
Q-Cells abandoned its previous plan for a debt-equity swap last week after a court ruling in a similar case convinced it that the danger of a successful legal challenge was too great.
Q-Cells was once the world's biggest solar cell manufacturer but has been hit by problems including falling prices.
It lost €845.8 million ($1.1 billion) last year and reported revenue of €1.02 billion.
