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Successful Restructuring in Self-Administration of the Service Organization of Powerwind

13 November 2012

GES Deutschland, the European market leader in the domain of wind energy systems services, will take over service operations of the wind energy systems manufacturer PowerWind seated in Hamburg.

In one of the first insolvency proceedings in self-administration under a new law on facilitating restructuring of insolvent businesses (ESUG), PowerWind CEO Dieter Dehlke cooperated closely with the insolvency trustee Dr. Sven-Holger Undritz, White & Case Insolvenz, to entirely retain the company's service organization by way of transferring restructuring. Service operations and all associated employment contracts were transferred to GES Deutschland as of November 1, 2012.

"Of all entities interested in this particular service organisation, GES Deutschland was able to submit the most convincing overall concept," said CEO Dieter Dehlke. Dehlke is optimistic about continuation of service operations by GES Deutschland: "Staff structures of both PowerWind and GES match together well, which is why I see enormous potential for these two entities jointly expanding their position on the market."

The buyer side shares in this optimism. "We concerned ourselves intensively in the past weeks with the PowerWind service organisation, and we are convinced this is a sound investment," said Peter Grosch, CEO GES Deutschland. His plans are to entirely retain and even expand the service business. "We see lots of good potential, and we seek to benefit from PowerWind staff's experience and know-how."

In addition, a major share of inventories, production-related assets and IP rights required for production of PowerWind system were sold to the RK Wind company in India.

In his efforts aimed at company restructuring, PowerWind CEO Dieter Dehlke was supported by the Wellensiek law firm specialised on insolvency law and insolvency proceedings.





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