Electrawinds board submits reorganization plan; protection extended

By Caroline Salls

Pittsburgh, March 31 - The board of directors of Electrawinds NV and Electrawinds SE filed a judicial reorganization plan under which a substantial carve-out of assets and debt will be transferred to a newly incorporated entity sponsored by the Tecteo-group, according to a news release.

If the plan is approved by creditors after an April 17 vote, the Electrawinds entities will be almost debt free.

The scope of the companies' activities will be reduced to liquid bio activities, without a Serbian rendering project that was recently divested, some operational wind projects and solar projects.

In addition, the protection granted by the Commercial Court in Ostend was extended to April 30 from March 27.

Electrawinds is an Ostend, Belgium-based renewable energy company.

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