Germany: Windreich’s Subsidiary WKU also Declares Insolvency

Due to the ongoing insolvency proceedings, Windreich GmbH announced yesterday that its wholly-owned subsidiary, Windkraft Union GmbH, Wolfschlugen (WKU), had filed for insolvency at the local court in Esslingen.

This step was necessary because WKU has obligations toward Windreich GmbH, which currently cannot be met. The WKU had so far worked as a project development company of Wind Windreich Group.

Werner Heer, CEO of Wind Reich GmbH, said: “Given the close connection of these two companies, this was a logical step. With this measure, we can create more certainty for our investors with respect to the ongoing offshore projects. The offshore project MEG I continues without obstructions. “

With the insolvency of WKU GmbH, 31 employees in Wolfschlugen and Hamburg have been affected. “We are currently focusing on the financing phase of MEG I, which is to be completed this year, in order to give back a clear perspective to the employees of the Windkraft Union and Windreich,” said Heer.

A couple of weeks ago, Windreich AG filed for insolvency. The company’s CEO Willi Balz resigned last week and Werner Heer assumed the role of the new CEO. Mr. Heer and the management of the company announced that they will work out a restructuring plan.

[mappress]

Offshore WIND Staff, September 16, 2013; Image: Windreich