Ad hoc: Q-Cells SE: Termination of supply agreement with LDK Solar
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Mon, 02 Nov 2009 12:09:37 GMT |
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Q-Cells SE |
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Press Release |
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BITTERFELD-WOLFEN, GERMANY -- 11/02/09 --
Q-Cells SE (QCE; ISIN
DE0005558662) has terminated the agreement concluded in December 2007
with the Chinese solar company LDK Solar for the supply of solar
wafers, as LDK Solar did not fulfil significant contractual
obligations. The original agreement specified the supply of solar
wafers on the basis of a contractually fixed amount of silicon
totalling 43,000 tonnes for the years from 2009 to 2018, with wafer
supplies on the basis of approximately 1,000 tonnes of silicon
relating to 2009. At the beginning of 2008, Q-Cells made a payment of
USD 244.5 million in the context of this agreement. This payment can
be reclaimed in the event of termination of the agreement and is
secured by a bank guarantee at a German bank upon first demand.
The contractual parties have differing opinions concerning the
validity of the termination of the agreement. Direct discussions
between the two companies and a parallel arbitration process at the
International Chamber of Commerce (ICC) in Paris have not resulted in
an amicable settlement yet. An application by LDK Solar for a
temporary injunction to be issued against a drawing down of the bank
guarantee was refused by the District Court in Berlin. Q-Cells will
therefore make use of the possibility to draw down the bank guarantee
linked to the payment made.
Contact information:
Q-Cells SE
OT Thalheim
Sonnenallee 17 - 21
06766 Bitterfeld-Wolfen, Germany
www.q-cells.com
Investor Relations:
Stefan Lissner
Phone: +49 - (0)3494 - 6699 10101
investor@q-cells.com
Corporate Communications:
Ina von Spies
Phone: +49 - (0)3494 - 6699 10121
presse@q-cells.com
Copyright © Hugin AS 2009. All rights reserved.
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