When parts of the Danish energy group Better Energy went bankrupt earlier this year, it hit the entire business community hard – not least in South and Southern Jutland, where the group has been particularly active in land acquisitions for solar cell projects. This is reported by JV.dk.
In total, a preliminary inventory shows that the debt in the bankrupt companies amounts to over 3 billion. DKK, while the assets are estimated at around 700 million. DKK. This leaves creditors with the prospect of significant losses. Sydbank, the Danish Tax Administration and the pension company ATP are among the many who are in a financial bind.
Better Energy entered financial reconstruction in December, and in February two of the group's operating companies went bankrupt. However, the parent company, Better Energy Holding A/S, continues with the aim of ensuring future operations, and this is where the group's land and buildings are located - assets that are therefore not included in the bankruptcy estate.
In total, Better Energy has purchased land in six municipalities: Vejen, Esbjerg, Varde, Aabenraa, Sønderborg and Kolding. In February, JV.dk was able to report that over 50 companies from the region were owed money. A statement from the Maritime and Commercial Court showed that around 350 companies throughout the country had made claims against the group.
Among the affected creditors are both large and small players. Davidsen Tømmerhandel, Ewii, Solar, Hotel Koldingfjord and Norlys' subsidiary N1 are among the larger ones. But the list also includes smaller companies such as plumbers, electricians and a hot dog stand rental company.
On the same day that the reconstruction was announced, Sydbank warned in a stock exchange announcement that the crisis would result in write-downs of up to DKK 450 million. This prompted the bank to adjust its expectations for the year's result.
ATP has also assessed losses due to Better Energy's collapse – according to the pension company, in the region of DKK 1 billion.
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