Vestas Surges on Deal With Creditors as Shipments Rise
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Vestas Wind Systems A/S surged the most in 15 weeks after the turbine maker said it reached an agreement with banks allowing it to draw on credit lines and second quarter shipments more than doubled.
Shipments rose to 2,160 megawatts from 931 megawatts in the first quarter, the world’s biggest wind turbine maker said in a statement today to the Copenhagen Stock Exchange. Even so, “disappointing results” in the nine months through March affect the company’s ability to meet its financial convenants, the company said.