Cooperative decided: EnBW draws the short straw in Prokon – Handelsblatt

Prokon creditors in Hamburg

The insolvent company is the cooperative

(Photo: AP).

Hamburg It was as exciting as unusual takeover battle that raged around the insolvent wind farm operators Prokon in recent weeks. On the one hand, the energy group energy was Baden-Württemberg (EnBW) incorporate the company. On the other hand tried to investors the group “Friends of Prokon” to keep the wind power pioneer as a cooperative self.

And it has succeeded them: “I expected a success. But not with such a good result, said Wolfgang Siegel, CEO of “friends of Prokon”. “This is proof how strong can be a community that wants to form an alternative to the big capital.”

The fact that approved the creditors of this solution on Thursday at the meeting in Hamburg majority, informed the inferior energy group on afternoon. “We of course regret this decision because Prokon and EnBW have well fitted together and jointly to promote wind power in Germany even more”, said EnBW CEO Frank Mastiaux. “But we also have great respect for the interconnectedness of Unitholders with Prokon that is expressed.” For EnBW strategy that has already been decided in mid-2013, thus change nothing. “We are now, as originally planned, focus on measures mainly organic growth, to achieve our goals,” Mastiaux said.

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Even before the district court Itzehoe had announced that 37,000 creditors have submitted the required statement that they would participate in a cooperative. They represented EUR 880 million profit participation capital. Required would have been EUR 640 million. Thus, the decision for the cooperative had already been in effect. “There have been a lot more Unitholders obliged to be enjoyed, as would have been necessary. This has the cooperative Prokon a particularly good capital base “, liquidator Dietmar Penzlin.

Thousands of creditors said had come together in the exhibition hall in Hamburg, to vote on the future of Prokon. The company had fallen into turmoil by error of the former management. 75,000 investors fear since their assets of around 1.4 billion euros. In addition to investors, banks, suppliers and electricity customers were able to give their votes.

Penzlin had the creditors submitted two models. EnBW offered 550 million euros in cash. Thus, the including suppliers, banks and employees about 100,000 Prokon creditors could expect a repayment of 52 percent of their claims. When cooperative model, the investors in bonds and shares in the cooperative. The rate is 57.8 per cent but higher.

Prokon creditors have made their choice

• The liquidator had submitted an insolvency plan Cooperatives and Investor insolvency plan. About the first proposal was voted because participation right holders had a binding obligation with receivables with a nominal value of EUR 880 million to bring their capital in the cooperative. The second proposal – a sale of the Karlsruher energy company EnBW – would come into play only after the failure of the first proposal

• The core business of Prokon – Wind energy plant construction and electricity – will be continued. Creditors are expected to receive 57.8 percent of their money back used (insolvency rate) – but on two components: participation right-holders who want to stay involved in Prokon, 23.3 per cent of their claims can likely turn into a long-term membership. In addition, they are entitled to an ongoing 2030 bond.

  participation right-holders who want to get out Prokon receive cash from the planned sale of a pallet factory in Torgau and Romanian forests (also 23.3 percent ). In addition, they remain entitled to the tradable, fixed rate bond.

• In this case, the core business had been carried on by Prokon, under the roof of the energy company. The insolvency rate would have expected to be 52.2 percent and comprised an immediate cash (34.1 percent) and the right to outstanding sales revenue (18.1 per cent) together.

• Yes, the dissolution of the company. But that would have been the worst option for the investors. The creditors would receive 48.5 percent estimated their claims back. This solution would only come into play when the other two plans were failed before.

• Independent consumer advocate referred to the needs of each Specifically: Who wants to continue to engage in the wind energy and believe in a good future for Prokon, should vote in favor of the cooperative model. Who come quickly to cash and wanted to turn the page Prokon, should vote in favor of the sale of EnBW.

• Since the company after two plans should be continued, the jobs for the time being are maintained.