DGAP-Adhoc: Senvion S.A.: Senvion GmbH files petition to commence preliminary self-administration proceedings after refinancing discussions with lenders have so far not come to a positive conclusion.

Senvion S.A.: Senvion GmbH files petition to commence preliminary self-administration proceedings after refinancing discussions with lenders have so far not come to a positive conclusion.

Luxembourg, 9 April 2019 - Senvion GmbH ("Senvion") today filed a petition with the competent Local Court (Amtsgericht) in Hamburg to commence preliminary self-administration proceedings (Eigenverwaltungsverfahren) pursuant to section 270 of the German Insolvency Code (Insolvenzordnung) after refinancing discussions with lenders have so far not come to a positive conclusion. The objective of the proceedings is to allow Senvion to proceed with the comprehensive transformation process that was started earlier this year by the CEO and Management Board. In parallel, lenders and major bond holders are currently continuing intensive discussions around a financing offer to secure the continuation of operations which may allow the company to successfully exit this process.

These preliminary self-administration proceedings relate to Senvion GmbH as well as its subsidiary Senvion Deutschland GmbH. Later this week, Senvion S.A., Senvion Topco GmbH and Senvion Holding GmbH are also expected to file for insolvency.

Under the initiated preliminary self-administration, the Management Board would remain in office, continuing to hold all powers and duties, and would ensure that business operations continue. Day-to-day business operations and existing service and maintenance contracts shall be continued. Dr Gerrit Hölzle and Dr Thorsten Bieg have been appointed to the Management Boards of the filing entities to support the restructuring process. Both have significant experience in successfully delivering self-administered restructuring programs.

The Supervisory Board and Senvion's main shareholder, Centerbridge, which provided Senvion with substantial funds in the amount of approximately EUR 82 million over the past nine months and has been willing to take part in an out-of-court solution, as well as the main financing parties, have given their support to the Management Board. Under the self-administered insolvency proceedings, the company also continues to explore new funding opportunities. Various potential investors have expressed their interest.

A decision of the Court on the application is expected shortly.

In view of this situation, the general meeting which was originally scheduled to take place on 23 May 2019 and the publication of the quarterly report for the first quarter of 2019 which was scheduled for 15 May 2019 will now be postponed to a later date.

The Management Board

Senvion Investor Relations contact (Notifying Person):
Anja Siehler
Senior Manager - Capital Markets
phone: +352 26 00 - 5285
email: anja.siehler@senvion.com