Senvion sells its assets

All,

Senvion will not emerge from insolvency anymore.

Senvion have switched form offering the company as going concern to an asset sale strategy, with the aim of preserving as much as possible of the core business. Senvion has only another 4 weeks of liquidity before it enters insolvent liquidation.

A number of interested buyers including strategics such as Siemens Gamesa, Acciona (Nordex’ parent), Vestas and Toschiba had been lining up in the process, but they have one-by-one been deterred by some of the dramatically unprofitable service contracts and legacy commitments they’d have to take on with the going concern.

Originally the process was supposed to come to a close this week and news emerged the date had been postponed. But now it turns out that a going concern sale is off the table and the cherry picking begins.

We had been covering Senvion from a short perspective, and have throughout been pessimistic about the value of the bonds - in particular for smaller bondholders. But it's a shame the company cannot be saved.

Wolfgang