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Tocardo files for insolvency

Dutch tidal developer granted deferral of payment to creditors

Tocardo files for insolvency  image

Dutch tidal developer Tocardo International has entered into insolvency proceedings after it was granted temporary deferral of payment to creditors.

Tocardo sought 'surseance van betaling’ – the Dutch equivalent of Chapter 11 bankruptcy protection – which gives the Den Oever company temporary relief against its creditors in order to reorganise and continue its business.

The company will participate in a creditors meeting on 27 March.

The move follows the decision made by Tocardo’s major shareholder Tribute Resources to discontinue plans to take 100% ownership.

The Canadian outfit currently holds 46.5% of Tocardo, but the companies were unable to reach an agreement for an exchange of Tribute shares for the remaining 53.5%.

Tribute said it is evaluating its options with respect to its Nova Scotia projects including the deployment up to three 1.33MW Tocardo UFS devices by 2020 at FORCE in the Bay of Fundy.

It remains possible that Tocardo will be chosen as the turbine supplier under an EPC arrangement, Tribute added.

Image: Eastern Scheldt tidal project (Tocardo)

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