Latest Issue
 
Windtech International May June 2024 issue

 

FOLLOW US AT

follow

 

follow


Senvion GmbH has filed for self-administration proceedings in order to safeguard its ongoing transformation program. These preliminary self-administration proceedings relate to Senvion GmbH as well as its subsidiary Senvion Deutschland GmbH. After refinancing discussions with lenders have so far not come to a positive conclusion.
 
The objective of the proceedings is to allow Senvion to proceed with the comprehensive transformation process that was started earlier this year by the CEO and Management Board. In parallel, lenders and major bond holders are currently continuing intensive discussions around a financing offer to secure the continuation of operations which may allow the company to successfully exit this process.
 
Under the initiated preliminary self-administration, the Management Board would remain in office, continuing to hold all powers and duties, and would ensure that business operations continue. Day-to-day business operations and existing service and maintenance contracts shall be continued. Dr Gerrit Hölzle and Dr Thorsten Bieg have been appointed to the Management Boards of the filing entities to support the restructuring process.
 
The Supervisory Board and Senvion's main shareholder, Centerbridge, which provided Senvion with substantial funds in the amount of approximately EUR 82 million over the past nine months and has been willing to take part in an out-of- court solution, as well as the main financing parties, have given their support to the Management Board. Lenders and major bond holders are continuing intensive discussions to secure additional financing measures for the continuation of operations. Under the self-administered insolvency proceedings, the company also continues to explore new funding opportunities.
 
Use of cookies

Windtech International wants to make your visit to our website as pleasant as possible. That is why we place cookies on your computer that remember your preferences. With anonymous information about your site use you also help us to improve the website. Of course we will ask for your permission first. Click Accept to use all functions of the Windtech International website.