September 16, 2019 / 7:27 AM / a month ago

Insolvent wind turbine maker Senvion aims to sell assets to Siemens Gamesa

FILE PHOTO: A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio, Spain, June 20, 2017. REUTERS/Vincent West /File Photo

FRANKFURT (Reuters) - Insolvent German wind turbine manufacturer Senvion (SENG.DE) on Monday agreed on exclusive talks with Siemens Gamesa (SGREN.MC) over the sale of a substantial part of its business.

Senvion, which is in self-administration after becoming insolvent in April, said it planned to hammer out a final deal on certain services and onshore assets in Europe in negotiations with the German-Spanish wind energy company by the end of the month.

The agreement on exclusive talks is consistent with insolvency plans adopted by the creditors’ assembly on Sept. 11 and was also approved unanimously by Senvion’s creditors’ committee, the company added.

“We are close to finding a safe harbor for a significant part of the business and substantial parts of its employee base,” said Senvion Chief Executive Yves Rannou, adding that management was also working on a solution for the remainder of the business.

Reporting by Ludwig Burger, editing by Louise Heavens

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