Germany: PowerWind Files for Insolvency

Germany: PowerWind Files for Insolvency

PowerWind GmbH has filed for the opening of insolvency proceedings under debtor’s self-administration on 24 April 2012. New German insolvency law offers excellent options for sustainable restructuring.

PowerWind GmbH has filed for the opening of insolvency proceedings under debtor´s self-administration [“Insolvenzverfahren in Eigenverwaltung”] with the local court of Hamburg on Tuesday, 24 April 2012.

Important markets of the German wind turbine manufacturer specialized on small to medium-sized Community-scale projects are located in Southern and Eastern Europe. Substantial project delays mainly caused by difficulties within financial institutions in these regions have led to negative impacts on the business. As a consequence, the management has applied on Tuesday for the opening of insolvency proceedings.

PowerWind takes advantage of the new options of the German insolvency law which was reformed through the introduction of the German Act to Further Facilitate the Restructuring of Enterprises [ESUG] on March 1, 2012. The company envisages restructuring under debtor´s self- administration, a proceeding comparable to Chapter 11 in the U.S.

The restructuring is planned to be carried out with assistance of Dr. Sven-Holger Undritz from White & Case Insolvenz GbR, renowned firm specialized in restructuring law, who has been appointed by court as preliminary procurator [“vorläufiger Sachwalter”]. While continuing to manage the operations, PowerWind’s managing directors will receive counseling from the German law firm Wellensiek which is also specialized in corporate restructuring.

Since PowerWind has established an excellent reputation in the market, its management is confident that, together with customers, staff and suppliers, the company can be restructured quickly and in a sustainable way. According to all parties involved, the new insolvency law offers very good options for this.

Offshore WIND staff, April 30, 2012; Image: PowerWind

Share this article

Follow Offshore Wind

Events>

<< Aug 2015 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Science Meets Industry Bergen

NORCOWE’s annual offshore wind conference Science Meets Industry Bergen will in 2015 be organized in collaboration with Bergen Næringsråd…

read more >

2nd AAU and ECN EWTEC affiliated PhD course on: ‘Numerical and experimental modelling and control of Wave Energy Converters’

The main objective of this course is to train each participant to the numerical and experimental modelling and control of Wave Energy Converters…

read more >

McClay Library- Wave Power Talk

Dr Bjoern Elsäßer, a Senior Lecturer in Coastal Science and Engineering at the School of Planning Architecture and Civil Engineering…

read more >

EWTEC 2015

In the field of Marine Renewable Energies, Research and industrial development are linked by the necessity to innovate to speed up access to…

read more >

Jobs>

Superintendent Cable Lay and Cable Burial Offshore Wind Projects

The Superintendent Cable Lay and Cable Burial Offshore Wind Projects is responsible for and monitor our Cable Lay and Burial on board of our Cable Lay and Burial installation vessel the NEXUS...

apply

Lead Engineer

As the yard is specialized in the production of large Tugs and Fast Crew Suppliers the engineering team is mainly involved in the detail engineering and production support of these vessels. You are coordinating a project team and responsible for ...

apply

Germany-based Associate Consultant

APEM Limited are looking for a Germany-based Associate Consultant to drive forwards the diversification, expansion and development of APEM’s project portfolio in the German market...

apply

Vessels>