Wind Farm Developer Windreich Files for Insolvency With Debtor-in-Possession Management

The wind farm developer Windreich GmbH filed for insolvency using the debtor-in-possession proceedings. Founder und managing partner Willi Balz resigned. The new managing director is Werner Heer, a former advisor to the company. The court appointed a lawyer as preliminary insolvency monitor (Sachwalter) pursuant to the Insolvency Code (InsO).

Windreich has been active in a number of offshore wind farm projects (for more information, please see here).

Under the debtor-in-possession management provisions of InsO (cf. Sections 270 to 285 InsO), insolvent companies may manage and dispose of the assets involved in insolvency proceedings themselves, supervised by a so-called Sachwalter (insolvency monitor).

Windreich GmbH announced that Mr Heer and the management would submit a restructuring plan to the insolvency monitor, lawyer Holger Blümle, next week, and subsequently present it to creditors and investors.

Source: Windreich, FAZ, Spiegel

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