Green City AG, which wants to build five wind turbines in the Ebersberg Forest, has filed for bankruptcy.
So the project is about to end.
Ebersberg/Munich
- In an ad hoc announcement to its shareholders on Monday morning, Green City Energy AG announced that it had filed for insolvency.
Not only do rescue attempts for the faltering sub-companies seem to have failed, but the entire group is on the brink of collapse.
This is a heavy blow for the wind power project in the Ebersberg Forest, which should immediately put the plans on hold.
Daniel Bauer from the Protection Association of Capital Investors (SdK) assumed in a first reaction to the development cooperation request that the sub-company founded for the planning would not be able to raise the necessary funds for the project.
At most, a sale to a new investor is conceivable.
Insolvency of Green City AG: Financial difficulties became apparent
Already at the turn of the year, Green City AG had to admit that some subsidiaries were in financial difficulties.
In addition, more than half of the share capital was lost in the 2021 financial year.
A restructuring concept was to be presented at an extraordinary general meeting on January 20th.
According to reports, this failed due to discrepancies between Green City AG and Green City eV, which holds slightly more than half of the shares in the AG.
Apparently there were plans to get an investor on board - a capital increase intended for this did not find a majority.
The Board of Management of the AG was refused discharge at the Annual General Meeting.
According to SdK spokesman Bauer, investors in the AG and its subsidiaries must expect a total loss.
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