Hyundai Heavy Industries has said that its German wind energy affiliates may be liquidated due to their prolonged losses.
Jahnel-Kestermann Getriebewerke GmbH and JaKe Service GmbH have posted deficits ever since they were acquired by the Korean shipbuilder in 2011. In 2011, JaKe Service posted a loss of 41.1 billion won (US$ 37.4 million). In the following year, the company’s debt overtook its assets after posting a loss of 35.1 billion won. Local reports said the liquidation may take at least one or two years and that the company may consider other options during the process.
(Source: Korea Herald)