Prokon: EnBW wants to take over insolvent wind energy company – THE WORLD

In wooing the insolvent wind energy company Prokon wants the utility EnBW lie down 550 million euros in cash. EnBW rated Prokon thus declined by 100 million euros lower than the competing cooperative model. The bottom line is that investors and creditors but would be better off with EnBW, assured EnBW Chief Financial Officer Thomas Kusterer. “Our service makes Prokon future. The company is able to act, we create the conditions for a solid beginning.”

The creditors’ committee of the company in Itzehoe (Schleswig Holstein) has EnBW indeed already selected as “preferred investor”. The final decision on whether the third largest German energy group also new Prokon-holder is, however, falls only on the creditors’ meeting on July 2 in Hamburg.

Then have the approximately 100,000 creditors decide whether to continue as owners Prokon wind farms as part of a cooperative or want to sell the assets at EnBW. Insolvency Dietmar Penzlin has two models submitted plans.

The bankruptcy is for the creditors “a very bitter fact, because they in any case more than 40 percent will lose their invested capital “, Kusterer said. The loss was “unchangeable”, regardless of which model to decide the creditors.

When EnBW offering that “our last word” is, according to Kusterer but would all creditor groups’ risk-free and promptly substantial cash “received. When cooperative model, however, “only a small part of the creditor” as suppliers and banks would receive an immediate cash payment. Unitholders who hold 90 percent of all claims, on the other hand would have to draw a bond and – if they opt for membership in the cooperative -. Take an entrepreneurial risk

From the perspective of Kusterer to EnBW and Prokon complement each other perfectly, “the wind power in Germany to develop a solid and well-financed”. EnBW, which plans to invest around 3.5 billion euros for the development of renewable energy by 2020 would finance the acquisition entirely with its own resources. “We can from our liquidity fund and do not have to deal with on the capital market.” The Unitholders should consider whether “a debt-laden companies without a strong partner really better chances of a successful future has”.

The EnBW Chief Financial Officer concluded on demand also a “co-operative under the umbrella of the EnBW” is not enough. It was as open, even if the insolvency proceedings applies only the cash offer.

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