Senvion and its lenders and main bondholders have announced that they have signed a binding loan agreement, setting forth terms for a EUR 100m debtor-in-possession (“DIP”) facility.
The DIP facility has received Board approvals and allows substantial drawings already, enabling the company to stabilise its business operations and provide funds to its non-insolvent subsidiaries.
Yves Rannou, CEO of Senvion, said, “We would like to thank both our lenders and main bondholders for their support in agreeing to provide us with a DIP facility that will enable us to continue our operations. This is particularly helpful since we managed to significantly ramp up our installations in Q1. So, this is encouraging news for all of us and of course for our transformation process. We have received a multitude of supportive reactions from our customers and suppliers and continue our close dialogue with them. We also deeply appreciate the support of our teams on the ground and their continuous commitment to support Senvion on this journey back to health.”
The super-senior secured DIP facility with a tenure of 12 months will provide Senvion the financial means to proceed with the comprehensive transformation process initiated at the beginning of this year. Senvion’s management has implemented measures to strengthen the company, refocus operations, concentrate on the most attractive markets, streamline the product portfolio, improve installation execution and realize efficiency gains in the service business.
The company installed 366 MW worldwide in Q1 2019, more than twice as much as in Q1 2018. The majority of new capacity was installed for customers in growth markets in South America and Australia, where it has significantly improved execution. With around 120 MW in Chile and Argentina and nearly 110 MW in Australia, these growth markets account for over 60% of the installations in the first quarter. Senvion also built and installed its first turbine in India, another key growth market.
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