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Brazil

Brazil

Impsa subsidiary declared bankrupt by Brazilian court

BRAZIL: Impsa subsidiary Wind Power Energy has been declared bankrupt by a Brazilian court following claims by two companies that the manufacturer had failed to pay its debts.

The subsidiary of the Argentinian power firm Impsa, which has installed around 30% of Brazil's turbines, was declared bankrupt by a court of the Pernambuco state after two Brazilian companies claimed an unpaid debt owed to them of BR 10.6 million ($4.7 million).

Judge Rafael Jose de Menezes, based in Recife, capital of Pernambuco, said that he declared Impsa bankrupt because "it refused to pay" transportation companies Libra Terminal Valongo SA and Libra Terminais SA.

Impsa now has 15 days to appeal this ruling to the Justice Tribunal, if it don't, the bankruptcy process will continue.

Yesterday, an Impsa spokesperson affirmed that it has not officially received notice of the bankruptcy and that the company's operations in Brazil are unaffected by the decision. He added Impsa is in negotiations to cover the debt. "We are making all efforts to get ahead", he pointed out.

Since 2008 the Impsa has had a factory in Brazil, located in Suape, Pernambuco. It has 700 workers, contracts in progress of BR 2 billion Brazilian (nearly $882 million), 330MW of capacity installed and is building other 470MW. With a market share of 6.4%, is the third largest producer of wind power in Brazil.

Last June, Impsa delayed the payment of a $60 million obligation in Argentina "for administrative reasons" which led to the credit rating agency Fitch downgraded its rating.

It will have to take on other maturities in September: "The issuance of non-negotiable bonds has been our way of funding us and have always paid," reported the company.

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