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Bankruptcy decision reversed for Impsa subsidiary 

Credit:  by Luis Ini | Windpower Monthly | 14 August 2014 | www.windpowermonthly.com ~~

A Brazilian court has reversed the bankruptcy of Wind Power Energy SA (WPE), a subsidiary of Argentinian power firm Impsa, imposed last week due to the apparent failure to pay money it owed.

The court of Pernambuco state had previously declared the company bankrupt after two Brazilian firms, Libra Terminal Valongo and Libra Terminais, claimed an unpaid debt owed to them of BRL 10.6 million ($4.7 million).

However, Impsa said that the reversal of the judgment was made because there was an agreement between the parties that predated the court decision.

“There was a mismatch in the information provided by the companies, because there was a previous debt payment made 36 hours before the court’s bankruptcy decision,” an Impsa spokesperson said.

As such the company – which has installed around 30% of Brazil’s wind turbines – will be able to continue operating as normal.

Since 2008, Impsa has had a factory in Brazil, located in Suape, Pernambuco. It has 700 workers, contracts in progress of BRL 2 billion ($882 million), 330MW of capacity that it operates, and is building a further 470MW.

Source:  by Luis Ini | Windpower Monthly | 14 August 2014 | www.windpowermonthly.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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