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Germany

Germany

Powerwind begins insolvency amid investor talks

GERMANY: The court of Hamburg has opened insolvency proceedings against wind turbine manufacturer Powerwind, allowing the company to proceed with its restructuring plans.

The company filed for insolvency with local courts in May. The company said project delays caused by difficulties financing projects, especially in Italy and Eastern Europe was behind the move.

Under the restructuring arrangement the company is still managed by PowerWind management, although this is now being overseen by restructuring specialist White and Case Insolvenz.

Powerwind said it was in negotiations with potential buyers and is still taking orders. Powerwind managing director Dieter Dehlke said: "Since we still receive orders from customers despite our application for opening of insolvency proceedings, there is also strong interest from potential investors."

Delke said the restructure involved reducing costs. "We are now able again to execute new orders quickly and professionally. The contract conclusions of the past weeks have sent an important signal. We are having promising discussions for orders in Great Britain and Italy."

Powerwind specialises in small to medium sized community projects in Germany, Italy, the UK and Eastern Europe. Its main product is a 500kW machine.

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