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Article: Swedish solar firm GPV applies for restructuring.
- Article from:
- Nordic Business Report
- Article date:
- November 9, 2009
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NORDIC BUSINESS REPORT-9 November 2009-Swedish solar firm GPV applies for restructuring(C)1994-2009 M2 COMMUNICATIONS http://www.m2.com
9 November 2009 - Swedish renewable energy investor Borevind AB (STO: BORE) said Monday that its 65%-owned subsidiary Gallivare PhotoVoltaic AB (GPV) will apply for debt restructuring due to cancelled loan agreements.
The move will affect some 90 employees.
The restructuring comes as Danske bank A/S (CPH: DANSKE) has discontinued two loan agreements with GPV and its parent. Payment is due on 20 November 2009.
GVP's profitability has gradually declined in the past year, as solar panel prices have ...