Troubled Germany-based wind turbine maker Senvion has received what it calls several “advanced offers for substantial core parts of its business”.
The company made clear, however, that no offers for the entire turbine business unit have been received.
Senvion did not detail which parts may find a buyer.
Earlier this month, the manufacturer announced that it would turn its Indian subsidiary into “an independent standalone operational business unit”, which could have been a first step towards selling the Indian unit outright.
The company now is entering final stages of the M&A process and will present the investor concepts to a creditors' assembly for a vote on 10 September 2019.
“For the past months, we have been committed to finding the best possible outcome for the company in this difficult situation. We are now close to having a solution for significant core parts of the business,” chief executive Yves Rannou said.
“What is more is that we can keep the business running until the M&A process is concluded.”
There are several continuation projects to be completed, Senvion said, which means that jobs will be secured for a substantial part of the turbine business workforce for the next few months, with some going into 2020.
While jobs in the turbine business could be secured for August first redundancies are expected to occur during September, however. These would take effect at the end of the year.
Senvion's difficulties already had repercussions in the supply chain, triggering the insolvency of SSC Wind, and contributing to tip blade maker TPI into a loss.
Senvion didn’t say where the layoffs would occur, but German online news website Nord24 said they would take place at German production sites, in particular at turbine manufacturing in Bremerhaven.
Nord24 said some 200 workers there could lose their jobs, and that buyers were interested mainly in the company’s service business.
Senvion in April filed for insolvency under self-administration after talks with lenders failed.
