Investor consortium submits ultimate proposal to the board of directors of Electrawinds SE

20/11/2013 - 20:14 | Portfolio

Investor consortium DG Infra+, Fortino, Gimv-XL and PMV submitted a joint investment proposal to the Board of Electrawinds SE today, with the aim of safeguarding the continuity of the company.

A consortium of institutional investors comprising DG Infra+, Fortino, Gimv-XL and PMV announces today that it has filed a concrete investment proposal with the board of Electrawinds SE. This proposal includes a combined investment of EUR 47.2 million in Electrawinds NV and is based on:

(i) A controlled deleveraging of the company;
(ii) Rehabilitation of the company’s reputation and credibility towards staff, suppliers, customers, creditors and minority shareholders;
(iii) A restructuring of the board of directors of the company and appointment of a new CEO;
(iv) Stabilization of the current activities, whereby it will be examined which assets can be valorised over time, but also which of the existing projects can be completed or developed;
(v) A bridge financing which the consortium, as part of the agreement, is willing to provide to Electrawinds at very short notice, in order to cover immediate cash needs.

This proposal is supported by the Federal Participation and Investment company (FPIM) and various other creditors. The proposal is subject to the completion of the due diligence.

The consortium is convinced that positive acceptance of this proposal will meet the interests of the company.

This announcement is not for release, publication or distribution outside Belgium or in any jurisdiction where the publication is not permitted without registration or qualification under the laws of the relevant jurisdiction.

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