Germany

Germany

Fuhrlander files for insolvency

GERMANY: Fuhrlander has filed for insolvency, citing cash flow problems resulting from project delays.

The move comes despite a recent takeover by a Ukrainian consortium. The company filed for insolvency at the local court of Montabaur, Rhineland, Germany.

The company has been restructuring this year. In August, Fuhrlander announced Riccardo Gava was its new CEO, as part of a broader management shake-up that includes the departure of founder Joachim Fuhrlander.

On 8 May, chief executive Werner Heer replaced Fuhrlander as chairman of the company. Heer is central to business relations with Chinese companies through licensing agreements.

Talking to Windpower Monthly, Heer said that the company’s liquidity had been on a knife-edge.  Poor weather conditions and broken crane hydraulics at sites in the Ukraine halted erection of at least 10 turbines of 2.5MW. This led to a black hole that the investors would not fill. "Certain projects did not happen on the timeline so payments could not be made," he said.

Asked if the company will continue with the Ukraine investor, Heer said  "We have certain obligations. The court will decide next week whether we carry on."

Fuhrlander has been producing 60 turbines for the European market this year, in various stages of development. These projects are not affected, and the turbines will be delivered, Heer said.

Additionally, Fuhrlander's supervisory board was been expanded by two posts, raising the total to six. The new seats are taken by Maksym Yefymov, general director of PJSC Energomashspetsstal in Kramatorsk, Ukraine, and Ukrainian lawyer Gennadiy Molchanov. Yegymov also became a majority shareholder in Fuhrlander.

In February, Fuhrlander announced it was cutting 70 jobs at its German headquarters.

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Search more than 4,500 companies in the Windpower Directory

Latest Jobs