Wind blade maker TPI Composites seeks Chapter 11 protection

[Wind farm on the mountain. Lonely windmill on a beautiful sunny day. Wind energy concept, alternative energy, renewable energy]
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TPI Composites (NASDAQ:TPIC [https://seekingalpha.com/symbol/TPIC]) on Wednesday announced [https://seekingalpha.com/pr/20200468-tpi-composites-inc-advances-chapter-11-process-with-court-approval-of-first-day-motions]that the U.S. Bankruptcy Court for the Southern District of Texas approved all first-day motions filed by the company in connection with its voluntary chapter 11 proceedings.

The approvals provide the company with the operational flexibility and liquidity necessary to continue normal business operations during the Chapter 11 process.

Key motions approved include interim approval for debtor-in-possession financing from its senior secured lenders of up to $82.5 million, the continuation of employee wages and benefits, maintenance of cash management systems, and the authority to pay certain prepetition obligations critical to ongoing operations.

TPI Composites (NASDAQ:TPIC [https://seekingalpha.com/symbol/TPIC]) manufactures wind turbine blades for several major producers, including Vestas (OTCPK:VWDRY [https://seekingalpha.com/symbol/VWDRY]), GE Vernova (GEV [https://seekingalpha.com/symbol/GEV]), and Nordex (OTCPK:NRDXF [https://seekingalpha.com/symbol/NRDXF]).

“Our priority is to maintain stability and support for our employees, customers, and partners during this process,” said Bill Siwek, Chief Executive Officer of TPI.

MORE ON TPI COMPOSITES

* TPI Composites files for Chapter 11 bankruptcy [https://seekingalpha.com/news/4483555-tpi-composites-files-for-chapter-11-bankruptcy]
* Seeking Alpha’s Quant Rating on TPI Composites [https://seekingalpha.com/symbol/TPIC/ratings/quant-ratings]
* Historical earnings data for TPI Composites [https://seekingalpha.com/symbol/TPIC/earnings]
* Financial information for TPI Composites [https://seekingalpha.com/symbol/TPIC/income-statement]