Share Name Share Symbol Market Type Share ISIN Share Description
Senvion Sa LSE:0RFB London Ordinary Share LU1377527517 SENVION ORD SHS
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00 € +0.00% 1.30 € 1.24 € 1.36 € - - - 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.00

Senvion S.A.: Senvion GmbH files petition to commence preliminary self-administration proceedings after refinancing discussio...

09/04/2019 2:31pm

UK Regulatory (RNS & others)


Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 Senvion S.A. (IRSH) 
Senvion S.A.: Senvion GmbH files petition to commence preliminary 
self-administration proceedings after refinancing discussions with lenders 
have so far not come to a positive conclusion. 
 
09-Apr-2019 / 15:31 CET/CEST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*Senvion S.A.: Senvion GmbH files petition to commence preliminary 
self-administration proceedings after refinancing discussions with lenders 
have so far not come to a positive conclusion.* 
 
Luxembourg, 9 April 2019 - Senvion GmbH ('*Senvion*') today filed a petition 
with the competent Local Court (_Amtsgericht_) in Hamburg to commence 
preliminary self-administration proceedings (_Eigenverwaltungsverfahren_) 
pursuant to section 270 of the German Insolvency Code (_Insolvenzordnung_) 
after refinancing discussions with lenders have so far not come to a 
positive conclusion. The objective of the proceedings is to allow Senvion to 
proceed with the comprehensive transformation process that was started 
earlier this year by the CEO and Management Board. In parallel, lenders and 
major bond holders are currently continuing intensive discussions around a 
financing offer to secure the continuation of operations which may allow the 
company to successfully exit this process. 
 
These preliminary self-administration proceedings relate to Senvion GmbH as 
well as its subsidiary Senvion Deutschland GmbH. Later this week, Senvion 
S.A., Senvion Topco GmbH and Senvion Holding GmbH are also expected to file 
for insolvency. 
 
Under the initiated preliminary self-administration, the Management Board 
would remain in office, continuing to hold all powers and duties, and would 
ensure that business operations continue. Day-to-day business operations and 
existing service and maintenance contracts shall be continued. Dr Gerrit 
Hölzle and Dr Thorsten Bieg have been appointed to the Management Boards of 
the filing entities to support the restructuring process. Both have 
significant experience in successfully delivering self-administered 
restructuring programs. 
 
The Supervisory Board and Senvion's main shareholder, Centerbridge, which 
provided Senvion with substantial funds in the amount of approximately EUR 
82 million over the past nine months and has been willing to take part in an 
out-of-court solution, as well as the main financing parties, have given 
their support to the Management Board. Under the self-administered 
insolvency proceedings, the company also continues to explore new funding 
opportunities. Various potential investors have expressed their interest. 
 
A decision of the Court on the application is expected shortly. 
 
In view of this situation, the general meeting which was originally 
scheduled to take place on 23 May 2019 and the publication of the quarterly 
report for the first quarter of 2019 which was scheduled for 15 May 2019 
will now be postponed to a later date. 
 
The Management Board 
 
Senvion Investor Relations contact (Notifying Person): 
Anja Siehler 
Senior Manager - Capital Markets 
phone: +352 26 00 - 5285 
email: anja.siehler@senvion.com 
 
Contact: 
Anja Siehler 
Tel: +352 26 00 5285 
Mobil: +4915221817093 
E-mail: anja.siehler@senvion.com 
 
ISIN:           LU1377527517, XS1223808749, XS1223809390 
Category Code:  MSCU 
TIDM:           IRSH 
LEI Code:       549300WUKZSK5CX6SM09 
OAM Categories: 2.2. Inside information 
Sequence No.:   8154 
EQS News ID:    797783 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

April 09, 2019 09:31 ET (13:31 GMT)

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