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Brazil

Brazil

Bankruptcy decision reversed for Impsa subsidiary

BRAZIL: A Brazilian court has reversed the bankruptcy of developer, Wind Power Energy SA (WPE), a subsidiary of Argentinian power firm Impsa, imposed last week due to the apparent failure to pay money it owed.

Impsa has a pipeline of 470MW in Brazil
Impsa has a pipeline of 470MW in Brazil

The court of Pernambuco state had previously declared the company bankrupt after two Brazilian firms, Libra Terminal Valongo and Libra Terminais, claimed an unpaid debt owed to them of BRL 10.6 million ($4.7 million).

However, Impsa said that the reversal of the judgment was made because there was an agreement between the parties that predated the court decision.

"There was a mismatch in the information provided by the companies, because there was a previous debt payment made 36 hours before the court's bankruptcy decision," an Impsa spokesperson said.

As such the company – which has installed around 30% of Brazil's wind turbines – will be able to continue operating as normal.

Since 2008, Impsa has had a factory in Brazil, located in Suape, Pernambuco. It has 700 workers, contracts in progress of BRL 2 billion ($882 million), 330MW of capacity that it operates, and is building a further 470MW.

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