Senvion GmbH - files for insolvency

All,

Senvion GmbH have filed for Insolcency in Germany - specifically for a procedure that allows for a self administration (DIP) process, where management stay in control. 

Two administrators of Goerg have joined the board. The main stream of holdings above is expected to file later this week.

We were asking last week exactly what trigger the adhoc group of bondholders was looking to preempt with their consent solicitation. Here it is. 

This automatically gives the company three months of funding and more flexibility (less influence from Centerbridge) when pursuing a deal.

We are still not fans of the situation and doubt we will be before we have further information on any turnaround plan.

Wolfgang