DGAP-Ad-hoc: Electrawinds SE / Schlagwort(e): Sonstiges
Electrawinds SE: Judicial reorganization - Italian assets sale
22.12.2017 / 11:28 CET/CEST
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The Board of Directors of Electrawinds SE has decided to apply for judicial reorganization for Electrawinds SE. This is necessary as the obligations in the framework of the listing impinges the company too hard. The filing will be submitted as soon as possible with the competent court in Ostend/Belgium as foreseen under the law of 30 January 2009 (Wet Continuïteit Ondernemingen / Loi Continuité Entreprise). This is expected to safeguard the going concern & continuity of operations of EW SE.
Electrawinds has decided to sell its Italian assets that are included in special purpose vehicle companies; Electrawinds Pontedera srl, Electrawinds Solar srl, REG4 srl, Carpark Solar srl to Giovanni Vignuda Automazioni srl, a well-known player in the Italian energy market. The parties have come to a final agreement about this sale but the sale is subject to approval by the financial partners of the SPV's, we hope to become this approval before the end of January. The sale of these assets is part of Electrawinds' restructuring strategy. The transaction proceeds will be used to cover the short-term liquidity requirements of the Group and to a larger extent for deleveraging the Group.
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