The restructuring of Hamburg, Germany-based wind turbine manufacturer PowerWind GmbH continues as expected. At the beginning of July, the local court of Hamburg allowed the company to proceed with its restructuring measures. The company says its priority is to stabilize the business and find an investor.
"Two main objectives of our restructuring concept were the reduction of the cost base and optimization of our internal processes," says Dieter Dehlke, PowerWind's managing director. "We could accomplish both successfully. We are now able again to execute new orders quickly and professionally. The contract conclusions of the past weeks have sent an important signal. We are having promising discussions for orders in Great Britain and Italy."
After discussions with customers and suppliers, the company says it has been able to continue business activities since the end of April without disruption. Further, the company notes the discussions formed a structured process for the purposes of finding a buyer.
"Since we still receive orders from customers despite our application for opening of insolvency proceedings, there is also strong interest from potential investors," says Dehlke. "Several bids have been submitted, and PowerWind will now start to negotiate with prospective buyers."
The objective is to reach an agreement with a potential investor on the acquisition of the company by the beginning of August, PowerWind adds.