The international law firm Milbank, Tweed, Hadley & McCloy LLP has advised Qatar Solar Technologies (QSTec), a member of the Qatar Foundation, as secured creditor on the insolvency proceedings of SolarWorld AG and its German subsidiaries and on the acquisition of the assets of SolarWorld AG and certain of its subsidiaries. The aim is to continue significant parts of the solar cell and module production as well as the distribution of high efficiency solar products through the newly established company SolarWorld Industries GmbH with the participation of QSTec.
Under the purchase agreement, almost all property, plant and equipment and inventories and intangible assets of the aforementioned companies, certain receivables from the aforementioned subsidiaries and SolarWorld AG's ownership interest in certain subsidiaries is sold and transferred to SolarWorld Industries GmbH.
The purchase price consists predominantly of the repayment of secured liabilities (debt-to-equity swap).
A Milbank team led by partners Mathias Eisen and Peter Nussbaum comprehensively advised QSTec on the insolvency and in relation to the acquisition.
Advisor to Qatar Solar Technologies: Milbank, Tweed, Hadley & McCloy LLP
Mathias Eisen (Restructuring, Frankfurt), Peter Nussbaum (Corporate/M&A, Munich, joint lead), Thomas Kleinheisterkamp (Tax, Munich), Alexander Rinne (Antitrust, Munich), Arndt Stengel (Corporate/M&A, Frankfurt), Nikolas Koutsós, Gerrit Merkel, Tim Löper (all Restructuring/Finance, Frankfurt), Benjamin Leuchten, Dennis Seifarth (both Corporate/M&A, Munich), Moritz Lichtenegger (Antitrust, Munich)
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