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.