April 8, 2019 / 12:46 PM / 4 months ago

German wind turbine maker Senvion seeks rescue financing

BERLIN, April 8 (Reuters) - Indebted German wind turbine manufacturer Senvion said on Monday it was continuing talks aimed at shoring up its finances and would not rule out any options.

The Hamburg-based company, previously known as REpower, has faced delays and penalties related to big projects. It needs at least 100 million euros ($112 million) in the short term to keep operating, two financial sources told Reuters.

Senvion, which has more than a billion euros of debt, was not immediately available to comment.

In a statement, the company said it was talking to creditors, other sources of potential financing and its main shareholder Centerbridge.

“In connection with these discussions, the company is currently considering all available options, including in court and out of court reorganisation processes,” it said.

Senvion did not give further details. In Germany, courts only become involved in financial restructurings if there is an insolvency process.

Senvion said in February it had financial problems. Since then several hedge funds including Anchorage and Davidson Kempner have bought bonds in the company, according to financial sources.

$1 = 0.8892 euros Reporting by Alexander Huebner; Writing by Michelle Martin; Editing by Mark Potter

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