EC Bioenergie GmbH insolvent reason is main investor retreat
The EC Bioenergy GmbH (ECB) from Heidelberg operates four pellet production facilities in Germany.
Background of the application of the protective screen and the subsequent insolvency is a change of strategy in Dutch main shareholder SHV. This change of strategy has the consequence that SHV will withdraw from the biomass business and the ECB does not provide additional financial resources. To avoid insolvency, the management had decided to apply for early protection proceedings.
Since 1.4.2013, the EC is Bioenergy GmbH (ECB) and the five group companies BK Bioenergy GmbH, Kehl, and ECK Energy Contracting GmbH, Kehl, BEH Bioenergy GmbH Mittenaar, ECB mbH, BEL Bioenergy GmbH Leinetal in a so-called protection proceedings in self-administration. The non-public protection proceedings pursuant ESUG (Act to further facilitate the restructuring of companies) makes it possible to use the knowledge and experience of the management in the best possible agreement with the creditors and the bankruptcy court.
Not in bankruptcy are the two trading companies, the EC Bioenergy group Bioenergy GmbH and BSM bioenergy material flow management GmbH’s operations group has been running since the beginning of the protection proceedings in April 2013 totally normal, suppliers are paid as agreed and supplied customers according to contract .
After the three-month period, the shield insolvency proceedings were opened in possession of the previous managements and maintaining the existing judicial administrator for the EC Bioenergy GmbH and four group companies to 1.7.2013. For these parts of the business thus changes to the shield stage and nothing to control the company continues to remain at the managements and operations will continue as usual. Only for the BEH Bioenergy GmbH Mittenaar a regular insolvency proceedings were opened with an external administrator to request the banks from 1.7.2013. Present, and continue to be handled from the network, the EC Bioenergy Bioenergy by the group companies trading on the location Mittenaar pellets.
With the opening of the intensive method and positive discussions with potential investors can be continued. The aim of the EC Bioenergy is to develop in the coming months in consultation with banks and other creditors a restructuring plan for the ECB group.
Because the signals of potential investors the management is confident that the ECB will have a positive future and will emerge stronger from this difficult period.
The previous main shareholder SHV is involved via its Dutch subsidiary Clean Energy Company in energy contracting and wood area also in the Austrian energy trading company, Clean Energy Austria, the British saw and timber companies Balcas as well as the Dutch pellet wholesalers GF Energy.