Investor shows interest in insolvent Siag Nordseewerke

(SeeNews) – Oct 19, 2012 – An investor, which has showed interest in insolvent German wind turbine supplier Siag Nordseewerke, visited the company, CEO Tomas Marutz said on Friday.

The CEO explained that Siag Nordseewerke will have a future only if an investor is found.

According to the works council of the company, the operator of Wind power farm Global Tech I also wants Siag Nordseewerke to continue work on the future wind park.
Global Tech I has a construction volume of EUR 1.7 billion (USD 2.2bn). Siag Nordseewerke will build 40 foundations for the wind farm for a total of EUR 800 million.

Lower Saxony's economic minister Joerg Bode said after the rescue talks on Friday that he cannot make any promises but the negotiations were constructive. Foundations for a credit that will be offered to Siag Nordseewerke were laid. However, the federal economic ministry will have to approve the move first.

What is more, the management and the insolvency administration of the company will have to come up with a cash-flow plan. Afterwards, the European Commission will have to give a green light to the transaction.

Siag Nordseewerke wants to finance its business with the loan so that it can continue looking for an investor.

(EUR 1 = USD 1.303)

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