ODSHERRED: In 45 years, Odsherred Forsyning could be debt-free.
At least according to the restructuring proposal that the company published on its website late Tuesday evening.
- The proposal will result in approximately halving the company's debt. Together with an optimization of the company's operations, it will allow Odsherred Varme A/S to continue as a regular heating supply company with a healthy and sustainable economy, the reconstructors write according to TV2 ØST.
The company's debt of almost 1.5 billion DKK will be written down to around 750 million DKK - and as mentioned, it will take 45 years to pay back the company's financial creditors. This concerns primarily the major banks Nordea and Kommunekredit, both of which have provided large loans to the company.
While the financial creditors, who have over 1.2 billion DKK, DKK. to credit, i.e. can look forward to receiving around half of their receivables, things immediately look worse for the group of non-financial creditors. Odsherred Varme owes them DKK 211 million, but of this they can only expect to see 26 percent of the money.
Small creditors who only have up to DKK 10,000 to credit can, on the other hand, expect to receive all their money.
It appears from the proposal that Odsherred Varme has a long list of disputes with creditors that have not been resolved.
Several cities are missing out on district heating
When it comes to the planned district heating projects that Odsherred Varme has initiated but not completed, only one is now expected to be implemented. This concerns the roll-out of district heating to 350 households in Fårevejle Stationsby.
The roll-out of district heating in Asnæs, Fårevejle Kirkeby and Vallekilde Hørve may well be profitable, the reconstructors assess, as it will provide more customers to Odsherred Varme and thus contribute to more money in the coffers, but it is not realistic to roll out the projects in the near future, they conclude.
- It is (...) the company's assessment that the projects in question cannot be initiated and implemented at this time or in immediate continuation of the adoption of the reconstruction proposal, but may have to be implemented at a later date, the proposal states.
The reconstructors behind the rescue proposal are Christian Jul Madsen from the law firm Kromann Reumert and Anders Hoffmann Kønigsfeldt from the law firm Bech-Bruun.
The proposal must be finally adopted at a probate court meeting in the Court in Holbæk July 1.
esl
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