* Econcern fails to find refinancing solution
* Negotiating with interested parties about company's future
AMSTERDAM May 26 Dutch-based sustainable energy
company Econcern said on Tuesday it had filed for voluntary
receivership after it failed in a bid to secure refinancing.
"Suspension of payments allows the board of Econcern more
time to secure a financing solution and negotiate options for
the future of the company with interested parties," Econcern
said in a statement on its Website.
The company, which had been aiming for an initial public
offering between 2010 and 2012, said in April it would cut 200
jobs as it was feeling the impact of the credit crisis and the
economic recession. Currently, it employs 1,200 people,
Econcern's Web site said.
A spokeswoman declined to give details about the size of the
loan facility it was negotiating.
Dutch utility Essent, which German peer RWE (RWEG.DE) wants
to buy, and Dutch utility Eneco were considering taking over
Econcern, Dutch daily Het Financieele Dagblad reported on
The firm said last year it aimed to increase net profit more
than tenfold to 1 billion euros ($1.4 billion) on revenues of 8
billion euros by 2012.
To achieve this it planned to invest 10 to 12 billion euros
in projects using solar, wind and other sustainable resources.
Dutch Rabobank [RABN.UL], British Aviva (AV.L) unit Delta
Lloyd and privately-owned Dutch investment firm SHV last year
invested 300 million euros in Econcern to boost growth.
(Reporting by Harro ten Wolde; Editing by Rupert Winchester)