Senvion accelerates business review

5 August 2019

Sian Crampsie

Senvion reports that discussions with potential bidders for its business are at “an advanced stage”.

The wind turbine manufacturer Senvion has reached an agreement with lenders that gives it financial support until the end of August “and potentially for a period thereafter”. The agreement will enable it to accelerate the sale of its business while continuing to review all business areas, it said in a statement.

“In tandem with the hard work and commitment of everybody at Senvion, we have been exploring our options to secure the best possible outcome for the company,” said Yves Rannou, CEO of Senvion. “However, as negotiations have not yet been concluded, we will further accelerate the M&A process and in parallel initiate a review of all business areas to secure Senvion’s profitable core business.

“The goal is to finalise our advanced investor discussions in the short term.”

In early 2019 Senvion announced that it had filed an application in Germany for self-administration proceedings, a pre-emptive insolvency process.

It secured €100 million of funding to help shore up its finances in May.

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