Belgium court appoints interim directors to evaluate CG Power arms

CG Power and Industrial Solutions on Thursday said the Commercial Court in Mechelen, Belgium, has appointed two interim directors on the board of its stressed subsidiaries CG Holdings Belgium NV (HBE) and CG Power Systems Belgium NV (PSBE), which are in the “state of bankruptcy”, to evaluate their operations under judicial supervision. CG Power’s Belgium and Hungary subsidiaries are severely affected due to paucity of funds after banks blocked some of their accounts.

On November 28, the board of directors of CG Power had directed the board of its Belgium businesses to take protective measures to prevent the likelihood of a possible bankruptcy and liquidation due to paucity of funds and closure of bank accounts.