German solar panel maker Q-Cells SE, once the largest solar panel maker in the world, has said it will file for insolvency tomorrow following a failed attempt to restructure its debt. A court ruling last week prevented the company from completing a debt for equity swap.
The company said in a press release:
Following an intensive review of alternative concepts for the implementation of the financial restructuring, the executive board has reached the conclusion that a going concern of the company cannot be restored on a sufficiently secure legal basis.
Q-Cells follows the path of other German solar panel makers including Solar Millenium and Solar Hybrid which were also forced to shutter operations as panel prices plunged last year. US solar panel makers Evergreen Solar and Solyndra both closed last year, with Solyndra’s bankruptcy filing raising particular ire due to a federal loan that cost US taxpayers $500 million.