Last checked at 18 Mar 2009 09:00
EuroTrust A/S ("EuroTrust" or the "Company")
Sale of Karcino Windfarm
On 24 November 2008, the Company announced that EuroTrust A/S had filed for Suspension of Payments in order to seek the Danish court's protection while management together with the administrator appointed by the court, continued their efforts to dispose of certain of the Company's assets.
EuroTrust today announces that its wholly owned subsidiary Aktiv Wind ApS has signed a contract with Danish utility DONG Energy for the sale of the shares in the Polish company owning the 51 MW Karcino windfarm project under construction in Poland ("Karcino").
The total consideration from the disposal is approximately DKK 38m (€5.1m), with all debts as of completion being repaid through means provided by DONG Energy. Due diligence has been completed and the transaction is currently awaiting completion, which is expected before the end of April 2009.
As at 31 December 2007 (EuroTrust's last reported balance sheet), the net assets attributable to Karcino were DKK 166m (€22.3m).
The proceeds from the disposal of Karcino will be used to pay down debt within the EuroTrust group.
The bidding processes for the remaining 135 MW of wind farm assets are well advanced and further announcements will be made when appropriate.
For further information, please call
EuroTrust A/S
| Robert Skjødt | Tel: +45 7696 6099 |