Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Theolia Pursuing Options to Avoid Bond Repayment Crunch

April 24 (Bloomberg) -- Theolia SA, the French operator of 1.2 gigawatts of wind farms, is negotiating financing options with bondholders to help it remain in business after a Jan. 1 payment comes due.

The company is “working on several scenarios,” including raising capital, issuing new debt with an extended maturity date, selling off assets and renegotiating the terms of its convertible bonds, Aix-En-Provence-based Theolia said in an e-mailed statement today.

Theolia is “discussing with its main bondholders to implement a solution to enable it to continue as a going concern after January 1, 2015,” according to the statement.

That’s the date when bondholders may demand repayment of as much as 125.8 million euros ($173.8 million), an amount Theolia Chief Executive Officer Fady Khallouf said he can’t pay.

“This is not an easy situation because the interest of bondholders is in contradiction to the interest of shareholders,” Khallouf said in a phone interview. “The company has to look after both.”

A deal for the company to be acquired by a Macquarie Group Ltd. fund for 1.70 euros a share fell through in September. Shareholders representing 64.79 percent of the voting rights supported the deal, falling short of the two-thirds needed.

Theolia reported a net loss of 41.2 million euros last year, up from a loss of 34.2 million euros in 2012, as sales increased 41 percent to 95.4 million euros.

The company completed financing this month for its 21-megawatt Haute Borne project in the Somme department of France. The debt came from two French banks, and construction began this year. Terms, including the size of the financing, weren’t disclosed.

To contact the reporter on this story: Will Wade in New York at

To contact the editors responsible for this story: Reed Landberg at Will Wade, Jasmina Kelemen

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.