Electrawinds still deadlocked on bailout - report

Dec 2, 2013 - A meeting planned for Sunday to find a solution for the financial problems of Belgian renewable energy firm Electrawinds has not taken place, daily De Standaard reported.

Stakeholders were to meet yesterday to discuss, among other things, a non-binding proposal made by CEO and main shareholder Luc Desender to split up the ailing firm into a Belgian and a foreign unit.

Problems at controlling holding company Winpar of Luc and Paul Desender are said to be the main reason for the deadlock and opposition by financier Jos Sluys.

Another bailout offer submitted in late November by an investor group expired as Electrawinds' shareholders failed to respond on time. DG Infra, Fortino, Gimv-XL and PMV offered EUR 47.2 million (USD 64m) to recapitalise the company.

Electrawinds' board will meet later today to deliberate the situation. The company said last week its management had taken one more week to find a solution to its financial problems. If a solution is not found, the company would be heading towards a bankruptcy filing.

(EUR 1.0 = USD 1.355)

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