by David McPhee
German turbine firm Senvion has seen its share price dramatically tumble
over news that it may be about to go bust.
The wind turbine manufacturer filed for insolvency last week following a
period of financial uncertainty.
As it placed itself into a state of “self-administration” the firm’s share
price plunged by more than a third.
On April 8 Senvion saw a share price drop of 69% lasting three days.
It now sits at 42.9%.
In October, Senvion signed a major deal with SSE to provide upkeep and
services to four onshore wind farms in the north of Scotland.
The contract was for the servicing of 107 turbines across SSE’s Gordonbush,
Achany, Fairburn and Strathy North wind farms.
Senvion claimed it was one of the “largest single service contracts” in the
firm’s history and revealed it was a “multi-million pound deal”.
The firm added that the deal covers 10% of its “entire service contract in
the UK”.
Senvion claimed “lenders and major bond holders are currently continuing
intensive discussions around a financing offer to secure the continuation
of operations”.
It also revealed it has received £70 million from its main shareholder
Centerbridge over a nine month period.
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