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Provisional liquidators appointed to tidal energy firms with debts of €280m
Summary
In a High Court hearing on 26 July 2018, Ms Justice Caroline Costello appointed Michael McAteer and Stephen Tennant of Grant Thornton as provisional liquidators for the Dublin‑based OpenHydro Group Ltd and its subsidiary Open Hydro Technologies Ltd. The court was satisfied that both companies were seriously insolvent, with debts of about €280 million, and that their French parent had withdrawn support after investing €260 million and facing further projected losses of €128 million up to 2026. OpenHydro, which employs over 100 people and develops tidal‑energy turbines, had incurred losses of roughly €160 million in 2017 and required €1 million a week to survive. Naval Energies, the largest shareholder and creditor, had acquired the group in 2013 and argued that the complex structure warranted court‑appointed liquidators to secure assets worth more than €80 million. The matter was adjourned to August.
Who, what, where, when and why
What: Report matter: Provisional liquidators appointed to tidal energy firms with debts of €280m. Procedural stage: hearing_or_decision
When:
- 2018-07-26 Publication
Why: The court agreed to the appointments after being told that OpenHydro's French parent, which had invested €260m in the firms, were no longer prepared to support the enterprises because the companies were loss-making. CNI source report
Places mentioned
- The High Court
- High Court
Topics
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