Senvion says it has received several advanced offers for various substantial core parts of its business and is entering final stages of the M&A process. It will present the investor concepts to the creditors’ assembly for a vote on September 10, 2019.
The company maintains that it has also put in place financial arrangements to secure ongoing business activities over the timeline to conclude on these offers, including wage and salary payments for all business units. It had been granted loan extensions from lenders through to the end of August.
“For the past months, we have been committed to finding the best possible outcome for the company in this difficult situation,” said Yves Rannou, CEO of Senvion. “We are now close to having a solution for significant core parts of the business. What is more is that we can keep the business running until the M&A process is concluded. This is possible thanks to the hard work and dedication of everyone at Senvion.”
However, with regards to the wind-turbine business, no offers for the entire unit have been received despite an intensive and global search for a new investor. There are several continuation projects to be completed, which means that jobs will be secured for a substantial part of the turbine business workforce for the next few months — with some going into 2020.
Although jobs in the turbine business could be secured for August first redundancies are expected to occur during September. These would take effect at the end of the year.
Senvion confirms that it will continue negotiations with employees’ representatives regarding potential social plans and balance of interest schemes for the affected workforce as well as potentially a transfer company for safeguarding an orderly process.