Senvion announces agreement with its lenders

Senvion today announced that it has reached an agreement with its lenders which gives financial support for the continuation of its business until the end of August and potentially for a period thereafter if ongoing talks with lenders can be concluded successfully. This agreement enables Senvion to further accelerate its M&A process in order to achieve results soon. Discussions with potential bidders are at an advanced stage.
    
Yves Rannou, CEO of Senvion, said: “In tandem with the hard work and commitment of everybody at Senvion, we have been exploring our options to secure the best possible outcome for the company. However, as negotiations have not yet been concluded, we will further accelerate the M&A process and in parallel initiate a review of all business areas to secure Senvion’s profitable core business. The goal is to finalise our advanced investor discussions in the short term. I am grateful for all the support of our dedicated employees and would like to thank our lenders for their continued financial support.”

As a contingency for an unsuccessful outcome to the company’s efforts to sell Senvion as a whole, or substantial parts of it, the management has to prepare for all eventualities. To this end, management will shortly be meeting with employees’ representatives to begin the negotiations regarding social plans and balance of interest schemes for all business areas or substantial parts of it if an investor cannot be found in time.

About Senvion:

Senvion is a leading global manufacturer of onshore and offshore wind turbines. The company develops, produces and markets wind turbines for almost any location – with rated outputs of 2 MW to 6.33 MW and rotor diameters of 82 metres to 152 metres. Furthermore, the company offers its customers project specific solutions in the areas of turnkey, service and maintenance, transport and installation, as well as foundation planning and construction. The Senvion systems are mainly designed in the major TechCenters in Osterrönfeld and Bangalore and manufactured at its German and Portuguese plants in Bremerhaven, Vagos and Oliveira de Frades as well as in ?ory-Warszowice, Poland and Baramati, India. With approximately 4,000 employees worldwide, the company makes use of the experience gained from the manufacture and installation of more than 8,200 wind turbines around the world. The company’s operational subsidiary Senvion GmbH is based in Hamburg and represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the Netherlands, the UK, Italy, Romania, Portugal, Spain, Sweden, and Poland as well as on a global level in the USA, China, Australia, Japan, India, Chile and Canada.