Uniper receives $1 billion loan from KfW state bank

The gas crisis is hitting the energy group Uniper hard. The gas importer is currently taking out a loan option with the public development bank KfW. Gas company Uniper is tapping into its remaining cash reserves. The MDax company announced in Düsseldorf on Monday that the agreed option to take out a loan of 2 billion euros from the state company KfW was now used, the credit line thus being completely exhausted. The pressure on the federal government to mount a rescue plan for the subsidiary of the Finnish group Fortum is likely to increase agreed and, as a precaution, has extended it until the end of April 2023 at the end of March.

The government is preparing an aid plan

Uniper is Germany’s largest gas importer and is under pressure due to lack of Russian gas supplies. The group has to buy more expensive gas on the market to honor its contracts, which leads to liquidity problems. According to company boss Klaus-Dieter Maubach, Uniper is experiencing daily cash outflows of around one million two digits. The company also began withdrawing gas from its own storage capacity last week. This is also done for liquidity reasons and to honor contracts. Meanwhile, the government is working on a relief plan for Uniper. The company had recently submitted a request for stabilization measures to the federal government. According to the chairman of the group’s works council, Harald Seegatz, Uniper is threatened with insolvency within a few days.

Related Articles

Back to top button