Electrawinds takes another week to solve financial problems
Nov 27, 2013 - Belgian renewable energy company Electrawinds said Tuesday its management has given itself one more week to find a solution to its financial problems.
If a solution is not found, the company will be heading towards a bankruptcy filing.
A recapitalisation offer by an investor group expired this weekend as Electrawinds' shareholders failed to respond on time. The EUR-47.2-million (USD 63.8m) investment offer was submitted last Wednesday by DG Infra, Fortino, Gimv-XL and PMV.
Financier Jos Sluys appeared to be the biggest opponent to the plan and as such he has to come up with a concrete alternative proposal. If this does not happen, the company is threatened to go bankrupt.