German wind turbine manufacturer Senvion has entered into an exclusivity agreement with Siemens Gamesa to pursue negotiations for the sale of selected Services and Onshore assets in Europe.
The agreement was approved unanimously by Senvion’s creditors’ committee. The approval of the insolvency plans by the creditors’ assembly on 11 September enabled this transaction.
The parties are now entering final negotiations and, if final agreements are reached, expect that the necessary decisions will be taken by the end of September.
The financial arrangements to secure ongoing business activities over the timeline to conclude on the offer continue to be in place. Wind turbine continuation projects are underway and will secure a majority of production jobs for the next months, with some going into 2020, Senvon said.
For the remaining business areas, the company continues to explore further options and negotiations with investors.
“Today’s announcement means that we are close to finding a safe harbour for a significant part of the business and substantial parts of its employee base,” Yves Rannou , CEO of Senvion, said.
”In these difficult circumstances, these are positive news. Looking ahead to the weeks to come, the management team will continue to put all efforts behind finding the best solutions possible for the rest of the business.”
Senvion filed for self-administration in April 2019. In July, the turbine manufacturer revealed plans to sell the company as a whole, or substantial parts of it.