Finland's WinWind is bankrupt

WinWind turbines going up at in Sweden's Vänern lake.

WinWind turbines going up at in Sweden's Vänern lake.

Finnish wind turbine maker WinWind has tipped into bankruptcy after years of heavy losses.

A district court in Finland accepted a voluntary petition of bankruptcy by the company and appointed lawyer Pauliina Tenhunen as administrator.

She will now have to look at whether the company can remain  operational or seek buyers for its assets.

A statement from WinWind said 130 staff in Finland and Sweden are affected.

It added: “WinWind has been incurring heavy losses for the past several years and the company's debts are currently close to €300m ($405m). 

“ The efforts of WinWinD in trying to arrange for necessary funding and approval for restructuring process has not Log in to read complete article.

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