German steel construction company, Weserwind, filed for bankruptcy yesterday, that will affect 370 employees.
According to Nordsee-Zeitung , Weserwind parent company, Georgsmarienhütte, stoped payments for high loss making subsidiary which led to this outcome.
It is “no longer economically feasible and justifiable to support WeserWind with additional capital,” the company said.
In addition, Bremerhaven-based company is facing a EUR 100 million lawsuit from unnamed business partner on behalf of its previous order.
Weserwind was involved in supply of foundations for Alpha Ventus , Bard Offshore 1 and Global Tech.