Green energy company Econcern has applied for court protection from creditors after failing to find a solution to its financing problems, the company said in a statement.
The company said it had not managed to reach a deal with shareholders and the banks after its credit facility expired on April 1.
The Financieele Dagblad says German energy giant RWE has decided not to make a bid to take over the company after an ‘initial look at its financial structure’. Dutch energy firm Eneco is ‘still’ looking at the options, the paper says.
Econcern is primarily known in the Netherlands for its windpark off the coast of IJmuiden. The company has a workforce of some 1,400 and operates in 24 countries.
Sources told the FD there was still good hope for a restart. ‘If a good receiver is found and if there is enough time then large chunks of the company could be continued,’ one said.
Head of operational affairs Cees van Stejn says in an interview with Wednesday’s Volkskrant the company had tried to do too much too quickly.
‘The company, in its enthusiasm, started up far too many activities, which needed an enormous amount of money,’ he said. ‘Then came the crisis. We actually wanted to borrow more than we had but from one day to the other, in October 2008, the banks called a halt. It was all too much.’
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation