Shares in Senvion were in free fall Wednesday after the embattled German wind turbine maker announced it was entering a process called self-administration in a last-ditch turnaround attempt.
The Hamburg-based manufacturer said the move was to safeguard an ongoing transformation program after refinancing discussions with lenders have so far not come to a positive conclusion.
According to financial sources cited by Reuters, Senvion needs at least 100 million euros ($112 million) to remain afloat in the short term.
Germanys self-administration law encourages financially stricken companies to declare insolvency early on, and thus increase the chances of a recovery, by allowing leadership teams to retain control of the business with overs…
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