February 19 (Renewables Now) - German wind turbine tower manufacturer Ambau GmbH has filed a petition for the start of insolvency proceedings at the Cuxhaven district court.
The petition was submitted last week, said German legal firm Goerg, which has been appointed administrator. No specific reasons were provided for the company’s decision and the order situation at the firm was described as “satisfactory.”
A search for investors has already been initiated before the bankruptcy filing and will be restarted at short notice. The appointed administrator will initially work to secure the continuation of production in line with the company’s existing order backlog and develop solutions for the future.
Ambau, which also makes foundation and transition structures for the onshore and offshore wind industries, currently has personnel of around 350 at its two locations in Cuxhaven and Graefenhainichen, according to the law firm. The firm has been involved in a range of offshore wind projects, among which are EnBW's (ETR:EBK) 288-MW Baltic 2 wind park in the German Baltic Sea and the 288-MW Meerwind Sued/Ost offshore wind complex in German waters.
The wages and salaries of Ambau’s employees are secured by bankruptcy funding for an initial three-month period.