After several years of large losses and massive layoffs, only around 80 employees are now keeping the company running at Green Hydrogen Systems (GHS) in Kolding. On June 25, the company's future will be decided in the Bankruptcy Court in Kolding. The energy company has been under reconstruction since March, and now the law firm DLA Piper, which is in charge of the reconstruction, has set a date for the meeting that could be crucial for the company's survival. This is reported by JydskeVestkysten.
- We will do everything we can to try to save the approximately 80 employees who continue to keep operations going at Green Hydrogen Systems, says Henrik Sjørslev, a partner at DLA Pipers in Denmark.
Henrik Sjørslev expects to be able to send out a reconstruction proposal on June 18 – five business days before the meeting – to all known creditors and affected parties. According to previous information from JydskeVestkysten, GHS has debt of over DKK 1.5 billion, divided into bank loans of DKK 907.5 million and other loans of DKK 403 million. kr.
A potential buyer has previously shown interest in the company, but that part is still unresolved, and there is no new information about this in the latest creditor information. Large owners such as Norlys have sold out, while AP Møller Holding, Augustinus Fonden and ATP are still among the largest investors.
Green Hydrogen Systems produces electrolysis plants for hydrogen production using renewable energy and was listed on the stock exchange in 2021. But the company has since suffered large losses – most recently an EBITDA deficit of 267.5 million kr. in 2023.
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