Published on November 14, 2024 at 6:52 p.m. / Modified on November 14, 2024 at 11:19 p.m.
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Significant value adjustments – of 69 million – explain the half-year loss of 50 million.
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The situation reflected by these half-yearly accounts corresponds to the worst possible scenario, for example if PrimeEnergy Cleantech did not have any credit repaid and its subsidiaries lost value.
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Actions are underway to find out the results of the subsidiaries and obtain reimbursement of credits granted to the main shareholder
If there was still any doubt, this time it is certain: PrimeEnergy Cleantech (PEC) now has no choice but to file for bankruptcy. The company active in photovoltaics, which considers itself weighed down by loans granted to its majority shareholder, had already warned its creditors on October 18 and November 6. This time, it is his auditor, PwC, who practically orders him to do so, after the publication of the first half results on Wednesday evening. The latter show a loss of 50 million francs and a situation of over-indebtedness, which reflects the worst scenario imaginable at this stage. Creditors may only recover a limited percentage of their assets. Furthermore, a complaint was filed by around fifteen bondholders in Geneva on November 13, we learned Time.
“A clean-up of the company is not possible and is not envisaged,” announces PwC, the auditor of PrimeEnergy Cleantech (PEC) in this interim report. At the heart of this issue, shareholder loans have this time disappeared from the balance sheet of the original Basel company but managed from Geneva.
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