Sep 23, 2013 - German biogas plants supplier Biogas Nord AG (ETR:BG8) said on Friday it has filed for insolvency, due to inability to pay the debt of its subsidiary Biogas Nord Anlagenbau which started preliminary insolvency proceedings a week earlier.
Biogas Nord Anlagenbau lodged a petition on September 12 due to high debts and liquidity difficulties, Alexander Rechter, the CEO of Biogas Nord, said at the time.
The parent company has not reported financial results since it posted a first-half loss for 2012. This year it notified investors of a significant decline in sales and a net loss in the low seven-figure range for 2012 but the publication of the report was postponed for end September. The firm is implementing a restructuring programme focusing on its international business due to the low demand on its domestic market. The company has subsidiaries in five countries and a number of representative offices worldwide.
Biogas Nord expects to end 2013 with a net loss, despite the current order backlog of EUR 80 million (USD 108.2m).