The solar industry crisis claimed another victim on Monday, as Germany's Q-Cells , once the world's largest maker of solar cells, said it would file for insolvency after running out of time to restructure its finances.
The industry crisis, triggered by plunging prices for solar equipment, overcapacity and falling government subsidies, has already claimed some of Q-Cells peers, including Solon , Solar Millennium and Solarhybrid, which all filed for insolvency in recent months.
Q-Cells had said on Friday it would look into other ways to restructure its debt, after concluding that a court ruling would prevent it from going ahead with an existing plan to swap debt for equity.
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