July 30, 2019 / 1:10 PM / 4 months ago

Senvion hopes to find buyer for assets by end of August -CEO at townhall

FRANKFURT, July 30 (Reuters) - Bankrupt German wind turbine manufacturer Senvion has sufficient financing to stay afloat until the end of August, Chief Executive Yves Rannou said at a townhall meeting, according to a person who attended the meeting.

The company is hoping to strike a deal to sell some of its assets but not the whole company by then, Rannou said at the meeting on Tuesday, adding that talks with staff would now start regarding units for which no buyer can be found, the source said.

In April Senvion filed for preliminary self-administration proceedings after the Hamburg-based company, which has more than a billion euros of debt, struggled following delays and penalties related to big projects.

The company is hoping to strike a deal with one of its peers, who have signalled interest in buying parts of the company, people close to the matter have said in the past.

Senvion had no immediate comment. (Reporting by Alexander Hübner Writing by Arno Schuetze Editing by Kathrin Jones and Susan Fenton)

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