Holaluz, an energy company, has been suspended from trading on the BME Growth due to its failure to publish its annual audited financial information on time. The suspension came into effect at 8:00 a.m. this morning and has left the company without updates on the situation. According to the accounts communicated to BME Growth, Holaluz lost a total of 26 million euros in 2023, compared to 5.1 million in losses in 2022.
The board of directors from venture capital fund Axon and the Geroa pension fund signed the accounts in disagreement. The company is currently negotiating financing, including a 10 million euro loan from the Catalan Institute of Finances, but delays have caused challenges for the company’s operations. As a result, Holaluz is considering presenting a pre-contest creditors’ plan to address these issues.
Holaluz faces challenges similar to those faced by other companies in the photovoltaic panel market, such as SolarProfit, which announced an ERE for around 200 workers last November due to slow business in the solar sector. This development highlights the difficulties companies face in navigating changing market dynamics and securing funding for their operations.
BME also announced that it had suspended trading of SolarProfit shares yesterday due to its failure to meet its obligation to publish its auditor’s report corresponding to financial information for 2023. Despite this setback, SolarProfit is continuing negotiations with creditors with hopes of reaching a restructuring plan.
In conclusion, both Holaluz and SolarProfit are facing significant challenges in their respective markets that are making it difficult for them to secure funding and maintain profitability. As such, they may need to consider alternative solutions such as presenting pre-contest creditors’ plans or negotiating with their creditors in order to overcome these obstacles and continue operating sustainably into the future.
