Vestas falls on report of debt restructuring with HSBC, RBS
Vestas along with rivals General Electric Co. and Siemens AG is struggling with declining turbine prices and excess capacity as nations from the U.S. to Germany rein in support for renewable energy. The company detailed restructuring plans in January after issuing a second profit warning in three months.
July 2, 2012
by Sally BakewellJul
in Bloomberg News
Vestas Wind Systems A/S fell the most in four weeks after a report that the turbine maker is in talks with two banks about restructuring debts after drawing a 300 million-euro ($379 million) credit line.
The shares tumbled 8.1 percent in Copenhagen after the Sunday Times reported that Royal Bank of Scotland Group Plc and HSBC Holdings Plc demanded Vestas submit a comprehensive financial plan from Vestas. The British newspaper said Vestas hired PwC and the banks appointed Ernst & Young LLP to advise on the plan.
Vestas along with rivals General Electric Co. and Siemens AG is struggling with... [continue via Web link]