rss icon Subscribe
desktop mobile

Senvion to Sell Assets to Siemens Gamesa

Image: Senvion

Laxman Pai

Insolvent German wind turbine manufacturer Senvion is in exclusive talks with Siemens Gamesa (SGRE) over the sale of a substantial part of its business.

The Germany firm said that it has entered into an exclusivity agreement with Siemens Gamesa to pursue negotiations for the sale of selected Services and Onshore assets in Europe. The agreement was approved unanimously by Senvion's creditors' committee. The approval of the insolvency plans by the creditors' assembly on 11 September enabled this transaction.

The parties are now entering final negotiations and, if final agreements are reached, expect that the necessary decisions will be taken by the end of September.

The financial arrangements to secure ongoing business activities over the timeline to conclude on the offer continue to be in place. Wind turbine continuation projects are underway and will secure a majority of production jobs for the next months, with some going into 2020.

For the remaining business areas, the company continues to explore further options and negotiations with investors.

Yves Rannou, CEO of Senvion, said: "Today's announcement means that we are close to finding a safe harbour for a significant part of the business and substantial parts of its employee base. In these difficult circumstances, these are positive news. Looking ahead to the weeks to come, the management team will continue to put all efforts behind finding the best solutions possible for the rest of the business."

Sep 17, 2019

 

People & Company News

Baltic Index Dips for a Straight Third Session

© Fotos von Schiffen / Adobe Stock

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk

Interview: Dr. Catherine Warner, Director, NATO CMRE

Dr. Catherine Warner, Director, NATO CMRE. Photo: CMRE

At CMRE, it’s not just about the science.  It’s about building trust and confidence in resilient

Grandweld Shipyards Completes 35 Years

Image: Grandweld

Grandweld, a fully integrated shipyard providing shipbuilding, ship repair, and engineering

Mergers & Acquisitions

SPII Holdings Finalizes Acquisition of DryShips

File Photo: DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips

The Carlyle Group, Stellex Capital Complete Acquisition of Vigor, MHI

Frank Foti (CREDIT: Vigor)

Global investment firm The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital

Global Energy Takes Over Nigg Oil Terminal

Photo by Global Energy (Group) Limited

Global Energy Group has reached an agreement with Repsol Sinopec Resources UK to take over the

Maritime Apps