Creditors vote in favor of insolvency plan for gas trader Greengas

Energy - Creditors vote in favor of insolvency plan for gas trader Greengas

The creditors of the ailing gas trader BMP Greengas have given the green light for a takeover by the Leipzig-based natural gas trading group VNG. As VNG and the current shareholder EnBW announced in a joint press release on Tuesday, the creditors' meeting at Karlsruhe Local Court has approved the insolvency plan. At the beginning of August, BMP Greengas initiated insolvency proceedings under self-administration at Karlsruhe Local Court. The aim of the Munich-based company is to restructure itself and return to the market.

The current and potential future owners believe that this goal has been achieved through the insolvency plan. The result is in the interests of customers, suppliers and around 60 employees alike. "This will also prevent further distortions in the market for biomethane so that the market can continue to stabilize," it said. However, a corresponding decision by the local court is still pending, only then will the insolvency proceedings be concluded.

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1. The takeover of BMP Greengas by VNG will take place in Germany, specifically in Leipzig, as announced in the joint press release.
2. The local court in Baden-Württemberg, Karlsruhe, played a crucial role in the approval of the insolvency plan for BMP Greengas.
3. EnBW energie Baden-Württemberg, the current shareholder of BMP Greengas, supported the insolvency plan presented at the meeting of creditors.
4. The insolvency plan for the gas trader Greengas was favorably voted on by the creditors, which paves the way for the company's restructuring and market return.
5. BMP Greengas initially filed for insolvency proceedings under self-administration at the local court in Karlsruhe, with the aim of restructuring and returning to the market.
6. If the corresponding decision by the local court in Baden-Württemberg is finalized, the insolvency proceedings for BMP Greengas will be concluded.
7. The approval of the insolvency plan for BMP Greengas in Munich was a significant step towards stabilizing the biomethane market, benefitting customers, suppliers, and employees.

Source: www.stern.de