The Better Energy Group, which develops solar projects, is undergoing extensive changes after the company went into restructuring last year following what it described as a "perfect storm of negative market conditions, reduced investor appetite and deferred payments from key partners."
The parent company Better Energy Holding continues its restructuring, while the subsidiaries Better Energy A/S and Better Energy Denmark A/S are being filed for bankruptcy. This is stated by Better Energy in a statement.
"It is against this background that it is with great regret that the management of Better Energy, in close dialogue with the reconstructors, has assessed that the financial challenges in Better Energy A/S, CVR no. 36950676 and Better Energy Denmark A/S, CVR no. 44559625 are no longer possible to resolve within the framework of a comprehensive reconstruction of the entire group," the statement reads, and it is elaborated:
"The management of Better Energy has unfortunately had to conclude that, despite a dedicated effort from Carnegie Investment Bank, there have not been sufficiently attractive offers in the structured sales and capital raising process that enable a comprehensive solution to the Better Energy group's financial challenges."
As a central element in the reconstruction plan for Better Energy Holding, continued cooperation between Andel and Better Energy is highlighted. The goal of this collaboration is to enable the realization of the four solar parks in the Better Energy Andel P/S partnership.
Former and new company
As a consequence of the situation, approximately 80 employees will be laid off across the group.
"It is the clear expectation that the remaining team will be able to continue a sustainable business with a reduced, but still significant level of activity and contribution to the green transition," Better Energy informs.
Better Energy Holding has established a new company, Better Energy Management A/S, which will handle construction and civil engineering activities as well as operation, maintenance and administration of existing assets.
Better Energy emphasizes that solar projects under the group are legally independent entities and are therefore not affected by the bankruptcy proceedings. At the same time, the group will continue to inform partners and creditors through ongoing updates.
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