Senvion has reached an agreement with its lenders to give financial support for the continuation of the turbine manufacturer’s business until the end of August and potentially for a period beyond, while the company carries on talks with potential buyers.
The German company said the agreement will enable it to further accelerate its merger and acquisition process in “order to achieve results soon”, with discussions with potential bidders at an “advanced stage”.
Senvion chief executive Yves Rannou said: “In tandem with the hard work and commitment of everybody at Senvion, we have been exploring our options to secure the best possible outcome for the company.
“However, as negotiations have not yet been concluded, we will further accelerate the M&A process and in parallel initiate a review of all business areas to secure Senvion’s profitable core business.
“The goal is to finalise our advanced investor discussions in the short term. I am grateful for all the support of our dedicated employees and would like to thank our lenders for their continued financial support.”
However, the company added that as a “contingency for an unsuccessful outcome to the company’s efforts to sell Senvion as a whole, or substantial parts of it”, the management will shortly be meeting with employees’ representatives to “start the negotiations regarding social plans and balance of interest schemes for all business areas or substantial parts of it if an investor cannot be found in time”.