Electrawinds asks Tecteo for EUR-2m bridging loan - report

Mar 21, 2014 - Ailing renewable energy firm Electrawinds has asked inter-municipal group Tecteo for a bridging loan of EUR 2 million (USD 2.8m) amid efforts to extend its creditor protection procedure, news agency Belga reported Friday.

Tecteo, which is interested to acquire the wind energy activities of Electrawinds, has not decided yet whether to respond to the company's request.

The commercial court in Ostend, on its part, has decided to postpone its ruling on the extension of the procedure to next week, based on the pending request.

Electrawinds needs the money to finance the continuation of some operations in case of an extension of the restructuring procedure. The company has sufficient cash to pay salaries and taxes through the end of April.

(EUR 1.0 = USD 1.380)

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