Blade Maker TPI Plummets After Supply Woes Hammer Wind Industry
- TPI out of compliance with loan covenant at end of September
- TPI selling $350 million in shares to Oaktree to pay off debt
Photographer: Daniel Acker/Bloomberg
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Wind-blade manufacturer TPI Composites Inc. fell the most in eight months after warning that supply-chain issues and uncertainty over potential tax breaks for clean energy will affect profitability and liquidity through next year.
The company also said it was not in compliance with a loan covenant at the end of September. It’s selling $350 million of preferred shares to Oaktree Capital Management to pay off the the debt, according to a statement Monday.