Solar cell maker Q-Cells bought by S Korea's Hanwha

Q-Cells, a troubled German maker of solar cells which filed for insolvency in April, announced Sunday it had been bought by the South Korean Hanwha Group.

The deal, which must be approved by creditors at a meeting on August 29, will see Hanwha pay around 50 million euros ($63 million) in cash as well as taking over its debt "in the low hundreds of millions", a statement said.

The South Korean group will take over the Q-Cells' subsidiary in Malaysia and its German research and production site in Thalheim, keeping on about three quarters of its workforce there, it said.

Q-Cells had been the leading German maker of solar cells but announced in April it would file for insolvency as it no longer saw any secure financial basis for a continuation of its business.

The company, which employed a workforce of more than 2,000, had been in dire financial straits amid a series of corporate failures in the solar power sector in Germany recently.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Lenten procession more than just a spectacle VERA Files - The Inbox

    Text and photos by Kiersnerr Gerwin Tacadena, VERA Files Baliuag, Bulacan--This town is hosting what could be the country’s biggest Lenten procession consisting of more than 100 religious statues riding on carriages or carrozas. But concerns are being raised that … Continue reading → …

  • Holy Week in Mt Banahaw: Mysticism meets Catholicism VERA Files - The Inbox

    Text and photos by Patricia Isabel Gloria, VERA Files Dolores, Quezon—Around this time each year, hundreds of devotees flock to Barangay Sta. Lucia in Dolores, Quezon on the slopes of Mount Banahaw to celebrate Holy Week. Here, mysticism meets Catholicism, … Continue reading → …

  • Simbang lakad for Lolo Uweng VERA Files - The Inbox
    Simbang lakad for Lolo Uweng

    By April Anne Benjamin, VERA Files San Pedro, Laguna--For 14 Maundy Thursdays now, Inding Amoranto has prayed the rosary while walking the eight-kilometer distance from her house to the Shrine of Jesus in the Holy Sepulcher in the village of … Continue reading → …

POLL
Loading...
Poll Choice Options