* Capital Stage interested in wind parks
* Dutch hedge fund to make offer for profit participation
* Prokon filed for insolvency on Wednesday
DUESSELDORF, Germany, Jan 24 German wind park
group Prokon's assets and profit-participation rights are
attracting possible buyers after it declared insolvency earlier
Capital Stage, a Hamburg-based operator of wind
and solar parks, is interested in buying some of Prokon's wind
parks, a company spokesman said on Friday.
"The acquisition of existing parks is part of our business,"
he said, adding that the group would wait until insolvency
proceedings were opened to get in touch with the administrator.
Prokon, which operates 50 wind parks in Germany and Poland
and employs roughly 1,300 staff, filed for insolvency on
Its founder Carsten Rodbertus said on Thursday he had
already begun talks on the sale of individual wind parks.
Prokon had raised 1.4 billion euros ($1.9 billion) mainly
from retail investors by selling so-called profit participation
rights, which were marketed through advertising campaigns on
German prime-time television.
Profit-participation certificates offer high interest
payments, but the investor also participates in the losses of a
company. The securities rank behind the claims of other
creditors such as banks and employees, but unlike shares, they
do not give holders any say in management.
Dutch hedge fund Exchange Investors said it was interested
in buying certificates from holders. "We want to make a concrete
offer in about two weeks," Frank Scheunert, head of the fund,
"We won't offer a lot."
Prokon's financial liabilities amounted to 59 million euros
as of end-October, it said. From its formation in 1995 to the
end of October, the company accumulated losses of 210 million
euros in losses, while paying out 330 million euros in interest
to rights holders.
Prokon's insolvency came after consumer groups accused it of
attracting investors with promises of possible returns of at
least 6 percent a year without giving sufficient warning of the
After German media reports questioned whether Prokon's
generous payouts were backed by actual profits, investors began
asking for their money back, and the company ran out of funds.
Top German utilities E.ON and RWE,
which operate wind parks, both said they were not interested in
Prokon had warned earlier this month it might have to file
for insolvency, because too many investors were demanding their
($1 = 0.7310 euros)
(Reporting by Anneli Palmen and Tom Kaeckenhoff in Duesseldorf,
Arno Schuetze and Alexander Huebner in Frankfurt and Jan
Schwartz in Hamburg; Writing by Christoph Steitz; editing by