Better Energy's restructuring plan approved by creditors
Today, Better Energy has received the support of its creditors for the company's restructuring plan, which aims to secure the company's future operations and financial stability. The plan includes a number of initiatives that will help create value, ensure liquidity, reduce costs and create the basis for a long-term and good solution for all parties.
Support from creditors
The already initiated restructuring process involves continued dialogue with partners on the completion of projects, attracting new investors, divestment of assets, and cost reductions. In addition, the possibilities of entering into agreements with the main creditors on the handling of existing debts are still being explored.
At present, the plan continues to work on models where suppliers and contractors are covered on specified terms.
At today's court hearing, the creditors have expressed broad support for the restructuring plan and the continued process. This marks an important milestone in the process and provides a solid foundation for successfully getting through the restructuring.
Andel and Better Energy in close dialogue about four upcoming solar parks
As a key element of the restructuring plan, Andel and Better Energy are working on a setup that will make it possible for the four renewable energy parks in the partnership, Better Energy Andel P/S, to be realised. These are the solar parks Vedde, Radsted-Grænge, Køng Mose and Saltø. It is the clear goal that the parks are completed so that they can make a significant contribution to the green transition. However, it is too early to say how exactly this will happen.
Strengthened finances and efficient operations
As part of the restructuring, Better Energy has implemented a number of strategic initiatives, including:
- Dialogue with partners and investors on the completion of projects, including with Andel and Industriens Pension.
- Initiation of a structured capital raising process in collaboration with Carnegie Investment Bank.
- Adjustment of the company's cost base, including e.g. salaries and other operating expenses.
- Dialogue and agreements with key suppliers to ensure stable operations.
Ongoing dialogue with a significant number of suppliers, contractors and other partners in connection with the time-out for new deliveries and construction activities during the restructuring process. - Implementation of liquidity management tools to ensure sound financial management in the restructuring process.
- Analysis of opportunities for the sale of assets to strengthen liquidity in both the short and long term
Focus on a long-term solution
Better Energy continues to work with the aim of ensuring a long-term, sustainable solution for the company. In the coming weeks, dialogues with partners, investors and creditors will intensify in order to achieve the best possible overall solution for all parties, while also supporting the company’s future operations and development.
Continuous updates
Better Energy will continue to issue status updates on the process every two weeks. The next update is expected at the end of week 8, 2025.
Better Energy thanks everyone involved – creditors, investors, partners and employees – for their patience, support and understanding in this process.