Senvion says it has found a buyer - for at least part of the business

The company will now initiate the final phase of the M&A process and submit the investor concepts to the bondholders' meeting on 10 September 2019 for approval. The improved financial situation of Senvion will enable a continuation of operations until the sale to an investor, this also includes wages and salaries for all business units. Despite intensive and worldwide search, no offers for the entire range have been received for the turbine sector. However, various continuation projects are still to be completed, which will ensure employment for a considerable part of the workforce in the turbine business until 2020 in some cases. While jobs in the turbine business could be secured for August, first layoffs are expected in September and will be effective by the end of the year. "Over the last few months, we've worked to deliver the best possible bottom line for the company in this difficult situation, and we are now close to solving key core areas of the business. This is possible thanks to the hard work and dedication of everyone at Senvion and I want to thank our employees for their trust and support," says Yves Rannou, CEO of Senvion, in a press release.