Martifer Solar USA's takeover by BayWa gets court nod
Jul 4, 2014 - The bankruptcy court of Nevada okayed on Tuesday green energy company Martifer Solar USA Inc’s takeover by German agricultural cooperative BayWa (ETR:BYW6).
BayWa is to acquire most of the target’s assets for USD 7.6 million (EUR 5.6m).
Martifer Solar, a 55%-owned subsidiary of Portuguese industrial group Martifer SGPS SA (ELI:MAR), voluntarily filed for Chapter 11 bankruptcy protection for its US subsidiary in January after it failed to reach an agreement with one of its creditors. The Portuguese company, which develops solar projects, builds and operates photovoltaic (PV) facilities, still sees the US market as strategic, it said when announcing Martifer Solar USA’s bankruptcy.
Martifer noted that this event only concerns the company Martifer Solar USA.