Senvion’s lenders have given the embattled wind turbine maker until at least the end of August to continue ongoing talks with possible buyers of part or all of the company.
The agreement builds up on a €100m ($111.5m) loan deal in April with lenders and Senvion’s main bond holders, which had aimed at giving the OEM breathing space to continue operations for several months after it had filed for insolvency under self-administration at a German court.
Senvion says talks with possible investors are at an advanced stage.
“But we haven’t been able to complete negotiations with possible investors so far, and because of this are now accelerating the sale process,” Senvion chief executive Yves Rannou said.
“Simultaneously, we will initiate a review of all business segments to secure the profitable key business of Senvion, in order to bring the advanced talks with investors to a close as soon as possible.”
US-based turbine blade maker TPI Composites earlier this month had already acquired a 20-strong team of blade experts from Euros, a Germany-based operation with production in Poland, which Senvion itself had acquired only in 2016.
Senvion is hoping to strike a deal with one of its peers, who have signalled interest in buying parts of the company, people close to the matter had told news agency Reuters.
Despite more breathing space from lenders the M&A process at the manufacturer could still fail, the company admitted.
If efforts to sell all or parts of the company were to fail, Senvion needs to be prepared for all options, the OEM said. Management will therefore soon start talks with workers in business segments for which no investor can be found within a certain time frame.