In December, Better Energy was forced to file for restructuring, as it was not possible to pay the company's debts until there was clarity about a capital raise. Last week, the company really started the capital hunt when it initiated a "targeted capital raise to ensure future financing and sustainable operations."
On Thursday, the company was at the Maritime and Commercial Court for a bankruptcy court meeting with the aim of getting more time to present a reconstruction plan for the two companies in the Better Energy group; Better Energy Holding A/S and Better Energy A/S. Over 90 percent of the creditors agreed to the postponement and no creditors had any objections. Therefore, the request was approved, Better Energy states in a press release.
"Better Energy expresses great gratitude for the patience and massive support shown by creditors, suppliers, lenders and other stakeholders around the company. Better Energy continues the targeted work to ensure a successful reconstruction through a structured capital raising, as well as other measures that will stabilize the company, ensure continued value creation and maintain future opportunities for sustainable operations," the announcement reads.
A new bankruptcy court meeting is currently expected to be held on February 7, 2025, at 9:30 a.m. At this meeting, Better Energy expects to present a reconstruction plan.
The request for reconstruction came after Better Energy tried several times in 2024 to adapt the business to what the company has previously described as a "new market situation", where it had gone from "hypergrowth" to "normalized growth". This has, among other things, led to the dismissal of up to 40 percent of the company's employees.
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