Investors’ consortium transfers its receivables in order to enable a fast solution for Electrawinds

25/03/2014 - 16:11 | Portfolio

For the last months, the members of the investment consortium, consisting of Gimv-XL, DG Infra+ and PMV, have been actively pursuing a solution for Electrawinds, with the aim of (i) ensuring maximum continuity for the company and its employees and (ii) offering the best possible outcome for all parties involved.

Recently, the consortium presented an investment proposal, which was approved by the board of directors of Electrawinds and into Electrawinds’ restructuring plan which was submitted to the Commercial Court in the framework of the ongoing judicial restructuring procedure (“WCO-procedure”).

The past weeks, the consortium has worked on an alternative scenario whereby it would transfer its receivables on Electrawinds to Tecteo Group. With this scenario Gimv-XL, DG Infra+ and PMV are aiming at an expedient, positive and sustainable solution for Electrawinds, its employees and its creditors – including Groenkracht.

The investors’ consortium and Tecteo have reached a binding agreement, conditional to a continuation of the judicial reorganisation procedure (“WCO2”), which offers protection against creditors.

Electrawinds requested the Commercial Court such a prolongation in order to finalize this revised plan and amend its restructuring plan on the basis thereof.

Today, the Court decided to grant the extension, making the transfer of the receivables of the consortium effective.

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