July 31 (Renewables Now) - The lenders of Senvion SE (ETR:SEN) have agreed to provide financial backing to the struggling German wind turbine maker until at least end-August, which allows the company to accelerate its ongoing sale process.
At the beginning of April, the debt-laden firm’s main unit Senvion GmbH filed for self-administration proceedings as it was unable to agree on any financing options so as to secure the continuation of its operations. A few weeks later, the company agreed with its lenders and main bondholders to get EUR 100 million (USD 111.6m) in debt to stabilise its business.
Senvion said on Tuesday that its objective is to conclude investor discussions in the short term. According to the statement, talks with potential investors are at an advanced stage.
In line with accelerating the sale process, Senvion will start a precautionary review of all operations to secure its profitable core business.
The wind turbine maker noted, however, that it needs to get prepared for all possibilities. For this reason, it intends to begin talks with employees' representatives about social plans and balance of interest schemes for all segments should the company fails to find an investor.
(EUR 1.0 = USD 1.116)