Inside the battle for OpenHydro
Dissent is growing among a number of minority OpenHydro shareholders, and that dissatisfaction has been realised by the examinership application.
The insolvency of OpenHydro, the Irish French tidal energy company currently grappling with a tsunami of debt, is getting very fraught.
On one side is the Naval Group, a French naval and defence giant with revenues of €3.19 billion. Naval is the major shareholder in the company, and, as of last month, it had handed over €260 million in equity and debt to the OpenHydro Group, and was owed a cool €120 million.
