Wednesday, August 17, 2016

Prokon creditors will receive 50 million euros – FAZ – Frankfurter Allgemeine Zeitung

Prokon had slipped into bankruptcy early, 2014.

creditors after bankruptcy newly installed wind farm operator Prokon can expect a further repayment. Through sale of two Romanian forests to a major investor stood at least 50 million euros available that would expected to be paid in December, Prokon-operating company said on Wednesday in Hamburg.

The benefit of the payment accordingly come those creditors who have not exchanged their claims in Member shares of the newly founded after the bankruptcy Prokon cooperative. According to the operating company, it involves about 56,000 people.

For these creditors circle it is not the first payment. They received among others already a corporate bond new Prokon Cooperative offered which bears interest at a term of 15 years with 3.5 percent per year. According insolvency reimbursement rate of borrower is at almost 60 percent. The operating company is responsible, under the supervision of an insolvency order to utilize any remaining assets that no longer belong to the core business of the new Prokon cooperative. The old company had invested among other things in a biodiesel factory and forest areas in Romania.

Prokon had slipped into bankruptcy early 2014. Because the company had financed through the sale of so-called participation rights for 1.4 billion euros on the gray capital market, fell more than 75,000 private investors into the vortex of bankruptcy. In response to the much-publicized case even the investor protection laws were tightened.

After one and a half years of bankruptcy proceedings to Prokon had reorganized in July 2015, with the blessing of the creditors as a cooperative. This had to be the choice to go into the new company and thus share in future profits or to be at least pay more of their insolvency claim promptly by the bond and potential payments from the settlement of corporate activities.

In his new form to Prokon focused on the management and planning of wind farms. The company currently operates 57 smaller wind farm in Germany and Poland. In addition, the company sells electricity. It supplies more than 30,000 end customers. For calendar 2015 Prokon reported in the business area of ​​wind energy earnings before interest, taxes, depreciation and amortization (Ebitda) of approximately 66 million euros.

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