Legal Proceedings Report • Mar 8, 2013
Legal Proceedings Report
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PRESS RELEASE Brussels – 8 March 2013 - 8.00 CET Regulated Information
4Energy Invest, the Belgian renewable energy company that focuses on the valorisation of biomass into energy, expects that the financial and operational results of the group will be significantly lower than expected, as a result of lower operational performance as well as non cash impairments.
In view of the group's current and expected financial and operational condition and prospects, 4Energy Invest has informed its bank consortium ING/KBC, LRM and Think2Act that it considers it unlikely that its subsidiaries Renogen and 4HamCogen will be able to meet their debt repayment obligations as they are currently structured.
ING, KBC and LRM have agreed to a standstill on scheduled principal repayments of the group until August 30, 2013. Think2Act has informed 4Energy Invest that the conditions to its interest to subscribe to a capital increase are no longer met.
The operational cash flows of the group remain positive. In the coming months, 4Energy invest intends to try and further restructure its debt at the level of its subsidiaries. 4Energy Invest has aborted its plans to raise new capital as described in the press release of 21 st of December 2012.
If the group does not succeed in bringing its financial obligations in line with its debt service capacity before the expiry of the standstill, on August 30, 2013 at the latest, it will be confronted with significant liquidity problems and with a risk of discontinuity.
The board of directors has filled the vacancy that resulted from the resignation by Nico Terry BVBA by Nadece BVBA, represented by its permanent representative Nathalie De Ceulaer, who will serve as director until the annual shareholders' meeting of 2013.
4Energy Invest NV/SA
Paepsem Business Park - Boulevard Paepsemlaan 20 - 1070 Brussels – BELGIUM
PRESS RELEASE Brussels – 8 March 2013 - 8.00 CET Regulated Information
4Energy Invest is a Belgian based renewable energy company that aims at creating and managing a portfolio of small to midsized locally embedded projects that valorize biomass, directly or indirectly, into energy. 4Energy Invest identifies potential biomass projects, performs a feasibility study and eventually takes responsibility for developing, financing, constructing and operating the project, in close cooperation with carefully selected suppliers and partners.
4Energy Invest (through its fully owned subsidiary Renogen) has two cogeneration projects, located in Amel (Wallonia, Belgium), that are fully operational.
4Energy Invest (through its fully owned subsidiary Renogen) has taken into commercial operation a large scale pellets production facility to produce dried wood chips and white wood pellets in Amel (Wallonia, Belgium).
4Energy Invest (through its fully owned subsidiary 4HamCogen) has taken into commercial operation a 9.5 MW biomass fired cogeneration unit in Ham (Flanders, Belgium).
4Energy Invest is listed on Euronext Brussels under symbol ENIN.
For more information, please contact:
Filip Lesaffer, Executive Chairman
Tel: 32 496 57 90 15
4Energy Invest NV/SA
Paepsem Business Park - Boulevard Paepsemlaan 20 - 1070 Brussels – BELGIUM
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