The energy company Holaluz has had its shares suspended from trading on the BME Growth due to the company’s inability to publish its annual audited financial information on time. According to accounts communicated to the BME Growth, Holaluz lost a total of 26 million euros in 2023, compared to 5.1 million in losses in 2022.
BME announced the suspension of trading of Holaluz shares yesterday due to the company’s failure to meet its obligation to publish the auditor’s report corresponding to the financial information for 2023. The suspension came into effect at 8:00 a.m. today, and for now, Holaluz has not provided any updates on the situation.
The challenges faced by Holaluz are not unique as other companies in the photovoltaic panel market have also been struggling. In November, Holaluz announced an ERE for around 200 workers due to the slowdown in the solar business. SolarProfit, a photovoltaic self-consumption group based in Barcelona, has also had its shares suspended from trading on BME Growth due to liquidity tensions affecting compliance with payment deadlines. SolarProfit is currently negotiating a restructuring plan with creditors to address these issues.
Despite these challenges, Holaluz is still negotiating financing options including a 10 million euro loan from the Catalan Institute of Finances and considering presenting a pre-contest creditors’ plan if necessary. The delay in obtaining this financing has added another layer of complexity to an already challenging situation for the company.