Kykon is Suspending Payments (UK)

Skykon has today filed for a suspension of payments. The creditors will shortly receive additional information from the supervisor on the further course of events.

“The wind turbine industry is project based and very cyclical, and it is currently being affected by a number of negative factors in the wake of the financial crisis. These effects have also impacted Skykon to the effect that we are in a very cash-strapped situation,” explained CEO Jens Pedersen.

For some time, Skykon’s management has worked diligently with the company’s main shareholders and the largest lender, EQT Expansion Capital II, to ensure the company’s earnings capacity and strengthen the capital base for the purpose of obtaining sufficient long-term liquidity in spite of the difficult market conditions.

“The Board of Directors has received indications from key stakeholders that there is a willingness to find a solution subject to certain conditions. As a result, we will now make a final attempt to pursue any remaining possibilities available to us,” said the chairman of Skykon’s Board of Directors Kaj Thorén.

Skykon will be subjected to standard legal procedures during the suspension of payments.


Source: skykon, October 27, 2010;