Qimonda loses Cabelte's investment

Creditors take on new Qimonda

Qimonda loses Cabelte's investment

A new meeting of creditors from Qimonda is scheduled for the 25th of November, from which a final decision will be made for the company. In today’s edition, Diário Económico states that the new Qimonda, which will leave this meeting with a share capital of 30 million euros and a much lower number of employees than that of Qimonda Portugal, will be in the hands of the State and the creditor banking entities.

AICEP will have a 12 percent stake in the capital of the new company that will be parked in the treasury, Basílio Horta, the agency’s president, told the daily. The same official also states that the obligation to return to the State some of the incentives given to Qimonda Portugal will be transferred to this new Qimonda. BES and BCP will be the main shareholders of the new project.

Today, the day is decisive for the so-called Qimonda Solar, Itarion. With a meeting of creditors scheduled, the outcome of the company may be for hours. Diário Económico ensures that the insolvency manager at the head of the company points in its final report to the decision to close the company and the consequent sale of assets. The recommendation will have to be voted on by creditors BES, BCP, construction company Casais and two of the company’s 15 workers.

It is recalled that Itarion was born from a partnership between Qimonda (majority shareholder) and the German company Centrosolar and when the first collapsed, the facilities where the partnership would develop the bulk of the business were still under construction.

The same source points out as potential interested parties to purchase the assets that will be sold if the company closes, the consortium made up of BES, BCP, EDP, DST, Visabeira, InovCapital and BPA that had already shown interest in the facilities under construction to move forward with a solar panels factory.

The consortium even negotiated with Centrosolar but was unable to reach an agreement to advance the project, which envisages an investment of 50 million euros and the creation of 150 to 200 jobs.