Article

Wind turbine company gets reprieve

Entegrity Wind Systems of P.E.I. has been given another 10 days to complete its financial restructuring and avoid bankruptcy. The company faced a deadline Monday, but all parties involved in the proceedings — shareholders and creditors — agreed in P.E.I. Supreme Court to the extension Monday.

Entegrity Wind Systems of P.E.I. has been given another 10 days to complete its financial restructuring and avoid bankruptcy.

The company faced a deadline Monday, but all parties involved in the proceedings — shareholders and creditors — agreed in P.E.I. Supreme Court to the extension Monday.

The wind turbine manufacturer, now controlled by New Mexico businessman Jim Heath, is looking to refinance about $11 million in debt, including $370,000 held by the P.E.I. Lending Agency. The largest creditor is the Mercantile Lending Company of Toronto.

The company has sold about 70 turbines throughout North America. Those buyers have a big stake in the proceedings because they are relying on Entegrity to survive in order to provide servicing and parts.

The company has already asked P.E.I. Business Development for $350,000. About half of that would go to back wages owed to staff.

There are other wind projects on hold, several on P.E.I., until the fate of Entegrity is being worked out.

With the extension, a formal proposal for restructuring is due by Oct. 8.

Entegrity Wind Systems of P.E.I. has been given another 10 days to complete its financial restructuring and avoid bankruptcy.

The company faced a deadline Monday, but all parties involved in the proceedings — shareholders and creditors — agreed in P.E.I. Supreme Court to the extension Monday.

The wind turbine manufacturer, now controlled by New Mexico businessman Jim Heath, is looking to refinance about $11 million in debt, including $370,000 held by the P.E.I. Lending Agency. The largest creditor is the Mercantile Lending Company of Toronto.

The company has sold about 70 turbines throughout North America. Those buyers have a big stake in the proceedings because they are relying on Entegrity to survive in order to provide servicing and parts.

The company has already asked P.E.I. Business Development for $350,000. About half of that would go to back wages owed to staff.

There are other wind projects on hold, several on P.E.I., until the fate of Entegrity is being worked out.

With the extension, a formal proposal for restructuring is due by Oct. 8.


Source: http://www.amherstdaily.com...

SEP 29 2009
https://www.windaction.org/posts/22415-wind-turbine-company-gets-reprieve
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