“The company sought a solution in closer co-operation with shareholders and banks. That solution was not found,” the company says.
“A suspension of payments allows the board of Econcern more time to secure a financing solution and negotiate options for the future of the company with interested parties.”
The move follows Econcern’s April announcement that it was axing 200 jobs, or 15% of its staff, and planned to narrow its focus to developing wind and solar projects, and consulting for the renewables industry.
Several
