All or Nothing-Juniper CEO tells Shareholders
2022.12.18 14:36
All or Nothing-Juniper CEO tells Shareholders
Budrigannews.com – The CEO of Uniper has asked shareholders to approve a planned bailout from Berlin that will cost more than 50 billion euros (52.91 billion dollars). He also warned that the troubled German gas trader will have to think about filing for bankruptcy if it doesn’t.
Chief Executive Klaus-Dieter Maubach stated prior to Monday’s extraordinary shareholder meeting in Duesseldorf that shareholders could walk away with nothing if they did not accept the proposal to take Uniper into German public ownership due to the chaos caused by the loss of supplies from Russia.
(MCX:) Gazprom was Uniper’s primary supplier in the past, but a significant drop in deliveries following Russia’s invasion of Ukraine necessitated the purchase of gas from a different supplier at significantly higher prices in order to fulfill existing contracts.
“(The measures) are indispensable for this company’s future,” is what Maubach is likely to say in a speech at the shareholder meeting on Monday. The speech’s text was posted on Uniper’s website on Sunday.
He continued, “We would have to review the so-called going concern forecast for our company very critically if approval is not granted.” According to the Management Board, a potential insolvency could result in a total loss for shareholders.
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The importer, which supplies approximately a third of Germany’s gas and suffers the largest loss in the history of German corporations, suffered a net loss of 40 billion euros as a result of the loss of Russian gas, Moscow’s retaliation for Western sanctions regarding its invasion of Ukraine.
