Finland-based wind turbine maker WinWinD has submitted a voluntary petition for bankruptcy.
The company reveals it has been hit by big losses over the years, with debt currently at about EUR 300 million. After unsuccessful attempts to seek funding and approval for restructuring, WinWind says filing for bankruptcy was a necessary decision. According to the company, 130 employees will be affected.
"We regret that the current international financial uncertainty and the decrease in demand in wind energy sector have made it difficult in recent years to develop the business, increase sales and reach profitability," the company said in a statement. "We are particularly sorry to WinWinD's personnel and their families, customers, suppliers, company's other financiers and stakeholders and would like to inform one and all that as there was no other alternative in sight, the company had to resort to the decision to submit a voluntary bankruptcy petition."
A district court has accepted the company's petition and named an administrator to handle the process.