ODSHERRED: Today, Odsherred Varme A/S publishes the entire reconstruction proposal, which will be voted on July 1st in the Bankruptcy Court in Holbæk. And it is quite an unusual move in a reconstruction.
This is reported by Sjællandske Nyheder.
A reconstruction proposal is traditionally reserved for the company's creditors, but in this spectacular and unusual case, which has attracted a lot of attention, the reconstructors have chosen to give everyone access to resolve the proposal. This is done to create transparency, the explanation from the utility company is.
The rescue plan will include both a statement of how the debt will be settled and how large the losses the creditors will have to accept. But it will also point to the circumstances that meant that things went so wrong - including what responsibility the management, board of directors and the owners have seen through the eyes of lawyers.
The utility company cannot say exactly when the proposal will be published, but it will be made available on the utility's website shortly after it has been sent to the creditors.
Debt of 1.5 billion kroner.
In October last year, Odsherred Varme and the parent company Odsherred Forsyning went into reconstruction with a debt of 1.5 billion kroner in the wake of a collapsed district heating project. Although the two major creditors - Nordea and KommuneKredit - spent many months negotiating an agreement, it was not successful, and therefore the case ended up in bankruptcy court.
Since then, the reconstructors have worked to find a model that will be palatable in relation to creditors and to the citizens. In May, the parties had to ask for extended time to finish the last knots.
It is only the reconstruction of Odsherred Varme that is being published now. The parent company Odsherred Forsyning is also in reconstruction, but according to Pernille Ingildsen, the reconstruction here is expected to be extended by another two months until September 1.
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