A restructuring of troubled turbine maker Windflow Technology Ltd (NZAX: WTL) should be completed by the middle of this month.
The company said its financial restructuring already involved major shareholder and financier David Iles taking the subsidiary Windflow UK Ltd, which holds the UK assets.
Linked to this all obligations to Iles’ loans to Windflow UK would be cancelled and all outstanding Windflow preference shares would be converted.
Windflow would also enter an operation-management contract to earn a fee for operating and managing Windflow UK.
The Christchurch-based company reported that the current status of this restructuring was that, following approval of shareholders in October, the two main agreements – debt settlement and a management contract - were finalised in early December and executed by the parties.
Settlement was to have been completed by the end of December but because of Christmas and summer vacation break this was deferred until mid-January. The target date was now January 19.
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