Published: 18 April 2019 18 April 2019
Senvion, its lenders and main bond holders have signed a binding loan agreement, setting forth terms for a € 100 million debtor-in-possession (DIP) facility. The facility enables Senvion to continue its business operations following last week's self-administration filing.
The DIP facility has received Board approvals and allows substantial drawings already this week, thus enabling the company to stabilise its business operations and provide funds to its non-insolvent subsidiaries. The super-senior secured DIP facility with a tenure of 12 months will provide Senvion the financial means to proceed with the transformation process initiated at the beginning of this year.