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Wind blade giant TPI Composites closes deal to sell Turkish factories as 'reorganisation bankruptcy' continues
['Robyn White']
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US wind turbine blade maker TPI Composites has completed the sale of its Turkish operations after receiving approval from the US bankruptcy court.
The blade maker announced the agreement to sell the assets to UAE-based company XCS Composites earlier this month as part of its ‘reorganisation bankruptcy’ proceedings.
The deal transfers ownership of two wind blade plants and a field service business.
About 2,700 employees from TPI Turkey were included in the transaction.
TPI is currently undergoing chapter 11 bankruptcy proceedings – a process that will allow the company to reorganise its debts while continuing to operate.
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