Electrawinds investors to transfer receivables to Tecteo

Mar 26, 2014 - Belgian Electrawinds's investors have reached a binding agreement to transfer their receivables on the renewable energy firm to inter-municipal group Tecteo, which plans to buy its core business, private equity firm Gimv (EBR:GIMB), the main creditor, said Tuesday.

Last week Electrawinds asked Tecteo for a bridging loan of EUR 2 million (USD 2.8m) to secure the continuity of its operations. The inter-municipal group plans also to repay EUR 17 million to Electrawinds's creditor -- renewable energy cooperative Groenkracht.

With the current decision the investment consortium, including DG Infra+ and government fund PMV, aims at a quick, constructive and sustainable solution for the renewable energy firm, its staff and creditors, including Groenkracht, Gimv said.

The agreement was subject to extension of Electrawinds's creditor protection procedure by the commercial court in Ostend. The latter decided Tuesday to extend it through the end of April.

Gimv did not disclose the amount claimed by creditors, but, according to media reports, there was a debt of EUR 60 million, including interest.

Tecteo has to submit its restructuring plan for Electrawinds on Thursday. Creditors will then have 20 days to review the plan and the voting will take place on April 17.

(EUR 1.0 = USD 1.380)

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