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© senvion (illustration purpose only) Business | July 31, 2019

Senvion can still pay August salaries

Employees for ailing wind turbine manufacturer Senvion can breath a little. The company can pay the salaries for the month of August (2019), announced the works council.

However, the negotiations for the sale of all or parts of the company have not yet led to any kind of conclusion, the Board of Directors said. The additional money - to finance the August salaries for its employees - is, however, "not be a new loan, but another form of financial support". Talks with potential investors will continue, while negotiations with the works council of various divisions are also ongoing. "We have to prepare for all scenarios. This of course includes the sale as a whole, but also the sale of substantial parts of Senvion. Unfortunately we have to deal with the scenario in which there is no buyer at the end of August and we have to deal with possible inadequate insolvent assets", Martin Bitter from the IG Metall told the NDR. This in turn means that the employees would lose their jobs. The company filed for bankruptcy in April 2019 and received a loan of EUR 100 million from creditors to continue the business, writes Die Welt. At employee meetings it had become apparent that a sale of the company in its entirety looks increasingly unlikely, the article continues (citing IG Metall district manager Meinhard Geiken). The NDR reports that several companies, such as Siemens and Toshiba, have shown interest in acquiring parts of the company.
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August 21 2019 3:49 pm V14.1.4-1