Nordseewerke is threatened with insolvency

GERMANY: Foundation manufacturer, Nordseewerke, is threatened with insolvency after Germany's Lower Saxony state government decided last week against providing further financial guarantees for new loans to the company.

Tripod foundations for offshore wind projects, produced by Nordseewerke, which is struggling financially

The decision by the state’s committee on state credits risks jeopardising a contract under which Nordseewerke is to build 40 tripod foundations by next May for Windreich’s Global Tech 1 offshore station.

A meeting took place last night between Lower Saxony’s leaders and Nordseewerke to discuss the problem, but no solution was found. A further meeting is planned for Friday.

State finance minister, Hartmut Moellring, announced last week that Lower Saxony would provide no further loan guarantees to Norseewerke, making it impossible for development bank, NordLB, to extend the company any more credit.

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