Finland: WinWinD Files for Bankruptcy
WinWinD has submitted a voluntary petition on bankruptcy to the District Court on October 3, 2013. The District Court has allowed the petition and appointed Attorney Pauliina Tenhunen as the Administrator to take care of the further process.
WinWinD has been incurring heavy losses for the past several years and the company’s debts are currently close to € 300 million. The efforts of WinWinD in trying to arrange for necessary funding and approval for restructuring process has not been successful and hence this decision. This bankruptcy will affect a total of 130 employees from Finland and Sweden.
“We regret that the current international financial uncertainty and the decrease in demand in wind energy sector have made it difficult in recent years to develop the business, increase sales and reach profitability.”
“We are particularly sorry to WinWinD’s personnel and their families, customers, suppliers, company’s other financiers and stakeholders and would like to inform one and all that as there was no other alternative in sight, the company had to resort to the decision to submit a voluntary bankruptcy petition.”
Press release, October 15, 2013