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Germany

Germany

Lawyers mull full bankruptcy action

Lawyers in late August were still examining whether Tacke Windtechnik has sufficient assets to cover legal costs and pay off creditors before deciding whether to open full bankruptcy proceedings against the German wind turbine manufacturer, according to Krüger-Knief, the bankruptcy court trustee appointed to Tacke in Lingen.

Tacke was sequestered (Windpower Monthly, August 1997) when its advertising agency, Next Werbeagentur of Rheine, filed for the wind company's bankruptcy. One of Next's last jobs for Tacke was to write and distribute a press release on July 21 announcing the filing of a bankruptcy application that day, reports Christof Sandkötter of Next.

Sandkötter says he hopes that if Tacke is sold by mid October, as media reports suggest, the new owner will also take over the company's debts so creditors could see at least part of the money owed to them. "Compared with other creditors, our demands are probably relatively small," says Sandkötter. "We eventually lost patience and thought if we escalated the situation Tacke would pay our bill to avoid bankruptcy. We were wrong. We almost got the impression that Tacke was pleased that they hadn't had to take the step themselves."

According to German bankruptcy law, a company in sequestration may only carry out activities directly related to sales and profit, Sandkötter adds. Tacke reports it is in talks with potential buyers. Herbert Peels also confirms that negotiations with the state of Lower Saxony on the provision of financial support are continuing and that discussions are also underway with potential national and international investors. "These include wind companies and utilities," says Peel.

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