FRANKFURT, Sept 9 Windreich AG,
Germany's largest developer of offshore wind farms, has filed
for insolvency and its chief executive has stepped down after
financing talks for a 400 megawatt (MW) project stalled.
The company made its filing with a German court late last
week and now its CEO Willi Balz, who also owns the group, has
resigned effective immediately, Windreich said in a statement
late on Monday.
"In talks with our investors it became clear that a change
in management was a prerequisite for the successful continuation
of talks," Windreich's new chief Werner Heer said.
Windreich plans, builds and sells wind parks and is a key
player in Germany's offshore wind park expansion.
Balz told Reuters last year that he hoped to sell the 400
megawatt MEG I project by the end of 2012, and that 700 million
of the 800 million euros in equity needed for the project had
already been committed.
Heer said in Monday's statement that talks with
institutional investors were now on the home stretch. He and
Windreich's other managers will write up a restructuring plan
over the coming weeks that should leave MEG I unaffected and
will present it to creditors and investors.
MEG I is a project to build a wind farm about 45 km north of
the German North Sea island Borkum. According to Windreich's
website, construction of MEG I is scheduled to be completed by
the end of 2015.
(Reporting by Maria Sheahan and Alexander Huebner; Editing by