The Commercial Court declares Sonkyo in bankruptcy

The Mercantile Court No. 1 of Santander has declared Sonkyo involuntary bankruptcy proceedings, since the company was “incapacitated” to meet its obligations under normal market conditions, and has appointed as economics administrator Juan Carlos Alba Cernadas as insolvency administrator.

This is the ruling of María del Mar Hernández, to whom Europa Press has had access. Sonkyo requested the declaration of insolvency alleging that it is in insolvency.

In the car, it is noted that the list of creditors shows that at the time of the presentation of the request for bankruptcy part of the company’s liability was overdue and had not been attended- BKHQ. “The foregoing, together with the circumstances stated in the report on the progress of its activity, allows us to conclude that it is unable to fulfill its obligations under normal market conditions,” the car adds.

The contest is voluntary because it has been requested by the debtor himself, and will be processed by the ordinary procedure. Sonkyo will retain the faculties of administration and disposition over its patrimony, being subjected the exercise of these to the intervention of the insolvency administrator, by means of its authorization or conformity.

Up to the acceptance of the insolvency administrator, may perform the acts of his turn or traffic that are essential for the continuation of their activity, provided they meet the normal market conditions.

The bankruptcy administrator will make an individualized communication to all the creditors whose identity appears in the bankruptcy, to the AEAT and the TGSS, as well as to the representation of the workers, making them aware of their right to appear in the proceedings as a party. The creditors must inform the insolvency administration about the existence of their credits within a month.

The Sonkyo Group approved last June an Employment Regulation File (ERE) that affects 70 workers, of the total of 150 that the group has (90 of them in Cantabria, at its headquarters in the Raos polygon).

A suspension file limited to one year, and to be executed in phases, which affects all the divisions of the group and which is justified in the economic problems arising from the “default” by the financial partners of the financing commitments for their renewable energy division, Sonkyo Energy, so that the debt generated has affected all the branches of the group.

These problems led Sonkyo to request the Government of Cantabria to cancel the license granted, within the Wind Plan, to the company Cantabria Generación SL, formed by Caixanova and Banco Gallego.

The audit to which Sonkyo Energy was submitted at the request of the banking partners with which it maintains discrepancies regarding the fulfillment of the financial commitments, warned that if the firm did not receive “immediately” funds that would allow it to obtain liquidity, it would have to apply for bankruptcy, as it has been.

Wind turbines all over the world

Sonkyo Energy distributes and commercializes the Windspot wind power small wind turbine worldwide, with the patented variable pitch system, which allows it to adapt to variations in wind power, increasing its performance.

In the last three years, Sonkyo Energy has managed to establish commercial distributions in more than 25 countries and so far has installed more than 400 wind turbines around the world, manufactured at its plant in the Raos (Camargo) industrial estate.

The company maintains research collaborations with some of the most prestigious Universities in the world, such as Penghu in Taiwan, John Brown in the United States, Masdar Institute in UEA, or the University of Cantabria.

Within their international career, they work on projects with multinationals such as LG, Tatung or Ericson.

On the other hand, they had accepted the plan to relocate workers from Papelera del Besaya and develop cooperation projects based on renewable energies in Turkana (Kenya, Africa).