Germany

Germany

Senvion secures €100m 'breathing space'

Turbine manufacturer Senvion has agreed a €100 million loan from its existing lenders, giving the company a lifeline as it navigates its administration process.

Senvion installed 366MW in Q1, including 120MW in Chile and Argentina (pic: Aela Energia)
Senvion installed 366MW in Q1, including 120MW in Chile and Argentina (pic: Aela Energia)

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The firm entered the "self-administration" process on 9 April, after "operational mistakes" left it suffering from a cash-flow crisis. 

The new "debtor-in-possession" 12-month loan gives Senvion the breathing space it needs to continue operations that should help free up some cash.

Senvion said the agreement had allowed it to make "substantial drawings already this week" to fund its non-insolvent subsidiaries.

"This is encouraging news for all of us and, of course, for our transformation process," said Senvion CEO Yves Rannou.

"We have received a multitude of supportive reactions from our customers and suppliers and continue our close dialogue with them.

"We also deeply appreciate the support of our teams on the ground and their continuous commitment to support Senvion on this journey back to health," he said.

The facility was agreed with Senvion’s existing lenders and bond holders after weeks of negotiations, the delay of which caused the company to file for self-administration.

Senvion remains in administration but the loan means the company can now put into action its restructuring plan.  

New Installations, at 366MW during Q1 2019, more than doubled the total from the same period in 2018, the company announced. Most of this new build was in South America and Australia.

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