“Windreich investors face massive write offs”

Creditors of insolvent energy company Windreich are set to receive a major haircut,  Handelsblatt Global Edition reports. According to a report by insolvency administrator Holger Blümle, investors will see a return of just 30.9 percent of their original investment back, or 86 million euros of the outstanding 271.3 million in claims agains the defunct company. Once Germany’s largest developer of off-shore wind farms, Windreich filed for bankruptcy in 2013 after spreading itself out too thin. The company raised some 130 million euros on the bond market, promising a 32,500 euro return on a 100,000 euro investment. Blümle recently sold Windreich’s stake in the Merkur offshore wind farm for 85 million euros, 50 million of which went to pay off interest on debts.

Read the article in English here (behind paywall).