EnBW Offers Financing Solution for bmp greengas GmbH’s Insolvency Plan

EnBW Offers Financing Solution for bmp greengas GmbH’s Insolvency Plan

(IN BRIEF) EnBW Energie Baden-Württemberg AG has submitted a binding offer to finance the insolvency plan for biomethane trader bmp greengas GmbH ahead of a creditors’ meeting on October 12, 2023. bmp greengas has been under insolvency proceedings since August 1, 2023, under self-administration due to market shifts and supply challenges related to the war in Ukraine. EnBW’s offer aims to provide a solution for customers, employees, and suppliers, allowing the company to continue its operations. As a subsidiary of Erdgas Südwest GmbH, bmp greengas is part of the EnBW Group, and this move is seen as a step to stabilize the biomethane market. The exact amount offered remains undisclosed and will be subject to a vote by creditors in a future meeting.

(PRESS RELEASE) KARLSRUHE, 13-Oct-2023 — /EuropaWire/ — Ahead of the creditors’ meeting on 12 October 2023 in Karlsruhe, EnBW Energie Baden-Württemberg AG has submitted a binding offer to finance the insolvency plan for the biomethane trader bmp greengas GmbH. Since 1 August 2023, the company has been involved in so-called insolvency proceedings under self-administration after an application for the initiation of protective umbrella proceedings was filed at the end of May.

“Today’s offer is designed to find a good solution for customers, employees and suppliers and will give the company the prospect of continuing as a going concern. This will also prevent further upheaval in the biomethane market, enabling it to continue to stabilize,” a spokesperson for the company explained.

As a subsidiary of Erdgas Südwest GmbH, bmp greengas GmbH is part of the EnBW Group. Due to an ongoing restructuring process, Erdgas Südwest GmbH is unable to submit its own takeover offer as the majority shareholder for bmp greengas GmbH.

The amount offered has not been made public due to the ongoing process and is set to be transparently put to all creditors for a vote at a further creditors’ meeting.

The background

bmp greengas GmbH is one of the largest biomethane traders in Germany. The protective umbrella proceedings were initiated because market shifts and the war in Ukraine have made it impossible for bmp greengas GmbH to supply the contractually agreed quantities of biomethane. Due to the dramatic change in the procurement situation, particularly as a result of the war in Ukraine, these quantities were simply not available to bmp greengas GmbH or could only be obtained with considerable difficulty. Consequently, bmp greengas GmbH was not in a position to fully meet its obligations to customers – irrespective of the price increases.

Media Contact:

Hans-Jörg Groscurth
Deputy Manager of Group Communications
Group Spokesperson
Phone: +49 711 289-81250
h.groscurth@enbw.com

SOURCE: EnBW