EQT-backed Skykon bankrupt
EQT has had to write off its investment in Danish portfolio company Skykon A/S after it filed for bankruptcy in late 2010.
Bankruptcy negotiation are currently taking place in Denmark, however reports suggest EQT is unlikely to recoup much, if any, of its investment. EQT made a DKK 260m investment in the company, in the form of a subordinated loan from its EQT Expansion Capital II fund, in October 2009.
Skykon is a manufacturer of foundations, towers, blade tooling and composite components for blades in wind turbines. The company suffered from a rapid decline in demand for wind turbines and components and was forced to file for a suspension of payments in October 2010.
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