Windevo AB acquires windmill assets from bankruptcy estate of former Aligera Holding AB (publ) and appoints new CEO
Windevo AB (“Windevo”), (under name change from AGBH Invest AB) is a company being controlled by former holders of Aligera Holding AB (publ)’s (“Aligera”) SEK 500,000,000 senior secured green bonds 2014/2019 with ISIN SE0005933231(the “Bonds”). Windevo has, through a series of exchanges of instruments described in summary below, acquired e.g. the windmill assets from the Aligera bankruptcy estate. Following the restructuring, Windevo will continue to operate the assets and further develop the company’s footprint as operator of on-shore wind power plants in southern Sweden.
Windevo’s acquisition of assets is part of the restructuring of assets formerly operated by Aligera, as communicated in a press release on 8 June 2018. On 28 June 2018 (the “Closing Date”) several actions were taken in accordance with the Written Procedure Notice, including but not limited to the following actions and results:
- Windevo, referred to as NewCo in the Written Procedure Notice and Aligera’s bankruptcy estate entered into a share and loan purchase agreement in relation to the Aligera assets acquired by Windevo;
- Part of the nominal value of the Bonds were through a mandatory and automatic securities conversion, transferred from the holders of the Bonds to Windevo in exchange for the Reinstated Bond and the Convertibles issued by Windevo;
- Reinstated Bonds were allocated to the holders of Bonds;
- SSF instruments were allocated to the SSF participants;
- Assets in Aligera transferred from the bankruptcy estate to Windevo were paid by Windevo by way of set-off against part of the Bonds so transferred to Windevo; and
- the Agent, on behalf of the holders, entered into an Investor Agreement governing the holding of Convertibles and shares in Windevo.
As communicated in the press release dated 8 June 2018, allocation of the Convertibles will, due to technical and administrative reasons, be made as soon as possible after the Closing Date. Issued instruments in the restructuring will not be publicly listed.
In connection with the completion of the restructuring, new board members in Windevo were appointed. The board consists of the following board members; Håkan Dorm (chairman), Kajsa Hedberg and Werner Heer.
Claes Jonson was appointed as the Chief Executive Officer. Mr Jonson has a previous investment banking career, where he among other things was responsible for multiple complex debt restructurings in a range of sectors. The last years he has focused exclusively on operational restructuring and turn-around assignments.
Following the restructuring, the Windevo group will be a going concern and will continue to conduct its business within the wind power industry.
Claes Jonson, CEO
Mobile: +46 705 812 549
If to the Agent:
 Any capitalised term used but not defined herein shall have the meaning given to it in the terms and conditions for the Bonds or in the notice of the written procedure dated 13 April 2018 (the “Written Procedure Notice”).