PrimeEnergy Cleantech: the debacle reached Luxembourg

PrimeEnergy Cleantech: the debacle reached Luxembourg
PrimeEnergy Cleantech: the debacle reached Luxembourg

PrimeEnergy Capital, the Luxembourg subsidiary of PrimeEnergy Cleantech, is also experiencing difficulties. On Thursday, the company wrote to its clients to inform them that its own bond issues were impacted by the Swiss situation. It thus declares that it will not be able to honor the payment of the bonds maturing this Friday, November 1, nor that of the coupons, that is to say the interest.

The company invites its investors to postpone the maturity of their debts by two years (i.e. the repayment of their bonds) and to waive the payment of coupons. This solution “would optimize your chances of recovering your capital in the long term,” explains PrimeEnergy Capital. With this in mind, an online waiver form has been made available to savers, who are invited to complete it within two weeks.

The request from the Luxembourg company corresponds exactly to the plan proposed Wednesday evening by Bertrand Piccard to investors who were victims of PrimeEnergy Cleantech gathered in a restaurant in La Praille. His idea: avoid putting the knife to the throat of the company in liquidity crisis, prevent it from going bankrupt and give it time to rebuild itself, to recover its assets in the long term. For the moment, the Swiss company has not yet formally contacted its customers in this regard.


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