Aug 19, 2011 - French group Windtechnics, which specialises in the maintenance and operation of wind turbines, has been placed under legal receivership.
The company, which has a staff of 73, has to find an investor by the end of October if it does not want to face liquidation.
Windtechnics was placed under receivership due to the financial problems of its major customer, Spanish group Gamesa Eolica. The latter, which faces financial difficulties, has become more demanding towards its suppliers without giving anything in return, according to Windtechnics.
Gamesa owes nearly EUR 3 million (USD 4.2m) to Windtechnics, according to estimates of the French group.
The services provided by the French firm for Gamesa account for 75% of the overall revenue of Windtechnics.
Until now, the French company was responsible for the maintenance of Gamesa's wind power capacity in France, Romania and Bulgaria.
Windtechnics has some hopes for the future as recently Gamesa signed a refinancing deal for a syndicated credit line with 24 European banks which should allow the Spanish group to postpone the maturity of its debt.
(EUR 1.0 = USD 1.430)