The founders of Irish tidal developer OpenHydro are to form a consortium to save the troubled company from liquidation after the courts gave breathing space to find a way forward.
The Irish High Court has appointed an interim examiner to Dublin-based OpenHydro Group and subsidiary Open Hydro Technologies to carry out investigations into the company and its ability to survive examinership.
Ken Fennell from Deloitte Ireland has been appointed as the interim examiner to assess any potential bidders.
It is understood the founders have underwritten the interim examiner’s costs and will lead the consortium of shareholders to enter into a potential arrangement with OpenHydro’s creditors.
Last month the High Court in Dublin approved a request by the French owner of OpenHydro, Naval Energies, to appoint provisional liquidators after it decided to pull the plug on tidal technology.
OpenHydro chief operations officer Brendan Corr said: “We are delighted that the company has some breathing space.
“The various technologies held in this company are very valuable, proven and able to be economically commercialised with a further reasonable level of investment”.
Sources said a number of key OpenHydro staff have volunteered to assist the interim examiner with finding a successful bidder.
Image: OpenHydro tidal turbine (OpenHydro)
OpenHydro backers seek rescue
By EBS