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The French parent of the Irish tidal power company OpenHydro has demanded the liquidation of the company, accusing a "deterioration" of the market and "a lack of long-term business prospects". The company employs about 100 people.
The High Court on Thursday named two provisional liquidators to two related companies – OpenHydro Group Ltd and its subsidiary OpenHydro Technologies Ltd, based in Dublin – after hearing both are "seriously insolvent", with debts of approximately 280 million euros. Ms. Caroline Costello is pleased to name Grant Thornton's Michael McAteer and Stephen Tennant as Joint Provisional Liquidators of the Companies
. Both companies are involved in activities including the development of turbines that generate energy from tidal energy. The court accepted the appointments after learning about Naval Energies, the French company of OpenHydro, which had invested 260 million euros in companies, was more willing to support companies because They were deficient.
Shock
came to shock the Irish staff of OpenHydro, according to industry sources. The company has a technical center in Carlingford, Co Louth, offices in Dublin and a Canadian branch in Halifax, Nova Scotia. He had connected a tidal turbine to the grid this week in Canada and opened a plant in Cherbourg, France, in June
Naval Energies acquired OpenHydro in 2013 from its founders, who established it in 2006. Rossa Fanning SC for Naval's After Energies, in addition to what the parent had already invested in the Irish group, OpenHydro was forecasting further losses of 128 million euros by 2026. The board said that 2017 had been a particularly difficult year for the Irish group. During this period, the group, located in Ireland, Scotland, Canada and Japan, suffered losses of approximately 160 million euros.
Survive
The business group needed 1 million euros a week to survive. On future revenues and expenses, the parent company was not willing to advance more money that would allow it to continue operating, she advises. Given the complex structure of the group, it was appropriate for liquidators to be appointed to guarantee badets worth more than 80 million euros, Fanning said. Another factor in support of the application is that his client received a communication from the senior management of the group that indicated that there had been a break in the relationship between them and the board of directors. administration, he said. The group did not oppose the request for liquidation, he added. Justice Costello, after appointing Mr. Tennant and Mr. McAteer, adjourned the case next month.
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