Tocardo goes bankrupt

Dutch tidal energy developer Tocardo International has been granted a suspension of payments to its creditors after the company filed for bankruptcy.

On January 2, 2018, Tocardo received an approval from Dutch authorities for the ‘automatic stay’ – a legal provision that goes into effect after the debtor, or in this case Tocardo, files for bankruptcy to temporarily prevent creditors from collecting amounts owed.

The Dutch law provision is similar to the United States’ Chapter 11 form of bankruptcy that involves a reorganization of a debtor’s business affairs, debts and assets.

Tocardo has scheduled a meeting with the creditors for March 27, 2018.

The news comes following the announcement by Tribute Resources that it failed to reach an agreement with Tocardo on share swap that was expected to result in Tocardo becoming a fully-owned subsidiary of Tribute.

Currently, the Canadian publicly-listed energy company Tribute owns 46.5% of the issued and outstanding shares in the capital of Tocardo.

Tocardo, based in Den Oever, has been developing and deploying tidal turbines in rivers and ocean environments for over a decade.

Tidal Energy Today has reached out to the company seeking more details. Should new information emerge, the article will be updated accordingly.

Share this article

Follow Marine Energy

Events>

<< Feb 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 1 2 3

Seawork International 2019

Seawork International is the largest and fastest growing international commercial marine and workboat exhibition and conference…

read more >

Offshore Survey 2019

The conference offers a golden opportunity to share cutting edge information and the committee welcomes…

read more >

ASEAN SUSTAINABLE ENERGY WEEK

ASEAN Sustainable Energy Week 2019 will feature the very latest innovative energy sources along with…

read more >

3rd World Congress on Wind & Renewable Energy

Conference Series warmly invites all the participants from all over the world to attend…

read more >