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FRANKFURT, Nov 2 (Reuters) - Q-Cells said on Monday it has ended a wafer supply agreement with Chinese peer LDK, in a sign that the industry is struggling with the oversupply of solar cells. Q-Cells said that LDK did not fulfil "significant contractual obligations" with regard to the agreement concluded in 2007. LDK was not immediately available to comment. "The contractual parties have differing opinions concerning the validity of the termination of the agreement. Direct discussions between the two companies and a parallel arbitration process at the International Chamber of Commerce (ICC) in Paris have not resulted in an amicable settlement yet," Q-Cells said in a statement. Q-Cells said it made a payment of $244.5 million at the beginning of 2008 related to the agreement, adding that the payment was secured by a bank guarantee and could be reclaimed in the event of termination of the agreement. A spokesman for Q-Cells said that the company would on Monday or Tuesday apply to draw down that bank guarantee. Q-Cells said that an application by LDK for a temporary injunction to be issued against a drawing down of the guarantee was refused by a Berlin court. (Reporting by Christoph Steitz in Frankfurt, additional reporting by Matt Daily in New York) Keywords: Q CELLS LDK/ (christoph.steitz@thomsonreuters.com; +49 69 7565 1269; Reuters Messaging: christoph.steitz.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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