Dutch green energy company bends under crisis

27th May 2009, Comments 0 comments

A Dutch court has approved Econcern’s bankruptcy protection application while it tries to find ways to reply its creditors.

The Hague – Green energy company Econcern, which claims to be the biggest of its kind in the Netherlands, said Tuesday a court had approved procedures to protect it from bankruptcy amid the economic crisis.

"A court in Utrecht approved the (company's bankruptcy protection) application and appointed an administrator to work with the board to find a solution," company spokesman Elroy Bos told AFP.

Bos said the group, facing grave financial difficulties, had "sought a solution in close cooperation with shareholders and banks. That solution was not found."

The new status granted by the court will temporarily shield Econcern from creditors while it tries to find alternative ways of repaying them.

Econcern, created in 1984 to develop projects in wind, solar and bio-energy, employs about 1,200 people in 19 countries.

AFP / Expatica

0 Comments To This Article