Further, company owner Willi Balz has stepped down as managing director to open the way for "successful completion of the already advanced financing talks on offshore wind station MEG 1," the company said in a statement dated 10 September 2013.
The new managing director is Werner Heer, until now consultant to Windreich and who recently managed turbine manufacturer Fuhrländer, in which Windreich had held a stake, through insolvency under self administration.
The complete write-off of the stake in Fuhrländer had cost Windreich EUR 21 million in 2012, Windreich reported (Windpower Monthly 14 August).
In 2012, Windreich had netted a loss of EUR 10 million on revenue of EUR 101 million after a net profit of EUR 10 million on revenue of EUR 161 million in 2011.
Heer will now work with Windreich management to continue the development and financing of the 400MW MEG1 offshore wind project which is poised ready for financial close. Windreich reported August 2013 that it had so far invested EUR 119 million in the project.
Heer said, "Talks with investors made it clear that a change in management was a precondition for successful continuation of talks."
Over the coming weeks, Heer and company management will develop a restructuring concept for the company which also has onshore wind activities, to present to the interim administrator Holger Blümle of lawyers Schultze & Braun and subsequently to creditors and investors.