Brazil court sides with Impsa unit
Wind Power Energy (WPE) says a local court has reversed an earlier ruling that declared the Brazilian wind turbine manufacturing subsidiary of Argentina's Impsa to be insolvent.
The initial ruling was in response to claims filed by Impsa clients led by port logistics group Libra that WPE owed them money. The court had named a trustee to prepare Impsa assets for sale to raise funds to clear the debts.
Libra had claimed that WPE owed it R$10.8m ($4.7m) in storage fees.
WPE appealed the court’s initial decision, noting that it had reached a preliminary written agreement with Libra on a payment mechanism to cover the payments. The court sided with WPE, saying the agreement was still valid.