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Noerr advises insolvency administrator on the sale of Q-Cell's Solibro to China's Hanergy
The leading German photovoltaic company Q-Cells SE and the provisional insolvency administrator of its subsidiary Solibro GmbH, Henning Schorisch of hww wienberg Wilhelm, have sold the subsidiary to the Hanergy Holding Group, one of the largest Chinese renewable energy technology companies. Q-Cells SE was legally advised by a Noerr team led by the Dresden partner Sebastian Voigt.
Solibro is, with its know-how, regarded as leading in the future-oriented thin film process for the manufacture of solar modules. It is intended to continue production in Thalheim after the closing of the transaction. Hanergy intends to maintain the almost 450 jobs at the Bitterfeld-Wolfen facility. The parties agreed confidentiality about the purchase price.
This transaction again illustrates Noerr’s competence in Distressed M&A where Noerr has achieved prominence particularly in the solar energy industry. Only recently, the Noerr team, also in cooperation with hww wienberg Wilhelm, dealt with the sale of solar module manufacturer SOLON. Sebastian Voigt expressed his satisfaction with the again successful conclusion: "The completion of the sale within the short period prior to the opening of insolvency proceedings is to the credit of all concerned."
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