South-Korea's Hanwha wants to buy insolvent Q-Cells

FRANKFURT Aug 26 (Reuters) - South-Korea's Hanwha Corp intends to buy solar Group Q-Cells, the insolvent German group said on Sunday.

The company said in a statement Hanwha and Q-cells' insolvency administrator Henning Schorisch had signed a contract, which needs to be approved by a creditors' meeting to be held on Aug. 29.

"Along with the assumption of business liabilities in the low hundreds of millions, the agreement also provides for a cash purchase price in the medium double-digit million-euro range," Q-cells said in the statement.