January 22, 2014 / 4:31 PM / in 4 years

German wind park group Prokon files for insolvency - court

FRANKFURT, Jan 22 (Reuters) - German wind park group Prokon Regenerative Energien GmbH has filed for insolvency, a court in the Northern German town of Itzehoe said on Wednesday.

The company, which had raised some 1.4 billion euros ($1.9 billion) by selling so-called profit-participation certificates, had won mainly retail investors through TV advertising campaigns on German prime-time television.

It had warned last week it may have to file for insolvency if it was unable to strike a deal with investors. ($1 = 0.7372 euros) (Reporting by Alexander Huebner; Writing by Harro ten Wolde; Editing by Ludwig Burger)

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