August 28, 2019 / 2:29 PM / 2 months ago

Senvion says received no bids for entire business, layoffs from September

BERLIN, Aug 28 (Reuters) - Bankrupt German wind turbine manufacturer Senvion said on Wednesday is that has not been successful in finding a buyer for all of its turbine business, and that layoffs are expected to occur from September.

“We are now close to having a solution for significant core parts of the business,” Chief Executive Yves Rannou said in a statement, adding that the company had the means to keep afloat until the M&A process is concluded.

Creditors will be allowed to vote on the investor concepts at a 10 September gathering, Senvion said.

After an original end-June deadline for final bids was dropped, Senvion agreed with lenders to extend loans so it could continue negotiations with potential buyers.

Senvion shares were down 43% at 1423 GMT. (Reporting by Tassilo Hummel, writing by Thomas Escritt Editing by Arno Schuetze)

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