After Uniper, the German government is now nationalizing the next energy company. The gas importer Sefe is on the verge of bankruptcy. The lack of gas supplies from Russia is primarily responsible for the critical situation.
The former Gazprom subsidiary Germania has been under guardianship of the Federal Network Agency in Bonn since April. The German Ministry of Economic Affairs now plans to finally force Russia out of the company and take over 100 percent of the shares itself. “The reason is Sefe’s over-indebtedness on the commercial balance sheet and the resulting threat of insolvency, which would endanger security of supply in Germany,” the ministry said on Monday.
To avert the danger and keep the business going, the owner would change and stabilize the business. A corresponding order has already been published.
billion dollars lost
The critical situation is due to a lack of gas supplies from Russia. Now importers have to buy replacements for a lot of money in the short term in order to continue to supply their customers. This has led to billions of losses. Another consequence was that banks and business partners recently shied away from relationships with the company.
Sefe (Securing Energy for Europe, note) only received loans of 11.8 billion euros in the spring. This loan is now increased to EUR 13.8 billion. The European Commission has yet to approve that a large part of this can be converted into equity.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
