Irish energy firm that owes investors hundreds of millions faces key deadlines in coming weeks
Solar 21’s High Court-approved scheme of arrangement to pay back hundreds of millions to investors faces a series of deadlines over the next six weeks, according to a new report prepared by restructuring supervisor Alvarez & Marsal.
There is a risk that GB Bio, the Solar 21 subsidiary that owns the Tansterne station near Hull, “has insufficient cash reserves to avoid insolvency prior to a sale,” said the report.
The sale of Tansterne is Solar 21’s main avenue in seeking to repay a large part of what it owes investors.
It also hopes the sale of an as yet unbuilt energy project in North Lincolnshire, which is awaiting consent from the UK…
