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Globe and Mail
2 days ago
- Business
- Globe and Mail
TPI Composites, Inc. Advances Chapter 11 Process with Court Approval of First-Day Motions
Secures Access to Liquidity and Financial Flexibility Operations Continue Uninterrupted for Employees, Customers, and Supply Partners Company Focused on Executing Strategic Initiatives for Long-Term Stability SCOTTSDALE, Ariz., Aug. 13, 2025 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (NASDAQ: TPIC) together with its domestic subsidiaries (collectively, 'TPI' or the 'Company') announced today that the U.S. Bankruptcy Court for the Southern District of Texas (the 'Bankruptcy Court') approved all first-day motions filed by the Company in connection with its voluntary chapter 11 proceedings. The approvals provide the Company with the operational flexibility and liquidity necessary to continue normal business operations during the chapter 11 process. Key motions approved include, interim approval for debtor-in-possession financing from its senior secured lenders of up to $82.5 million, the continuation of employee wages and benefits, maintenance of cash management systems, and the authority to pay certain prepetition obligations critical to ongoing operations. 'Our priority is to maintain stability and support for our employees, customers, and partners during this process,' said Bill Siwek, Chief Executive Officer of TPI. 'The court's approval of these first-day motions allows us to focus on executing our strategic initiatives to strengthen the Company for the long term.' Additional Information Additional information regarding the Company's court-supervised process is available at Court filings and other information related to the proceedings are available on a separate website administrated by the Company's claims agent, Kroll, at by calling Kroll representatives at (877) 280-2696 within the U.S. & Canada (or +1 (646) 290-7082 internationally for calls originating outside of the U.S.); or by sending an email to TPIinfo@ About TPI TPI Composites, Inc. is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, costeffective composite solutions through long-term relationships with leading OEMs in the wind markets. TPI is headquartered in Scottsdale, Arizona and operates factories in the U.S., Mexico, Türkiye and India. TPI operates additional engineering development centers in Denmark and Germany and global service training centers in the U.S. and Spain. Forward-Looking Statements This release contains forward-looking statements made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements include statements, among other things, concerning: the adoption, implementation and consummation of a Chapter 11 plan of reorganization; the commencement of Chapter 11 proceedings in U.S. bankruptcy court; growth of the wind energy and electric vehicle markets and our addressable markets for our products and services; effects on our financial statements and our financial outlook; our business strategy, including anticipated trends and developments in and management plans for our business and the wind industry and other markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, profitability, products, projected costs, warranties, our ability to improve our operating margins, and capital expenditures. These forward-looking statements are often characterized by the use of words such as 'estimate,' 'expect,' 'anticipate,' 'potential,' 'project,' 'plan,' 'intend,' 'seek,' 'believe,' 'forecast,' 'foresee,' 'likely,' 'may,' 'should,' 'goal,' 'target,' 'might,' 'will,' 'could,' 'predict,' 'continue' and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in 'Risk Factors,' in our Annual Report on Form 10-K and other subsequent filings with the SEC.
News18
06-08-2025
- Business
- News18
RBI keeps Repo Rate unchanged at 5.5% in August policy meet
Mumbai (Maharashtra) [India], August 6 (ANI): In a unanimous decision the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept the repo rate unchanged at 5.5 per cent in its August policy meeting. The decision was announced by RBI Governor Sanjay Malhotra on Monetary Policy Committee (MPC), which met on the 4th, 5th, and 6th of August, carefully reviewed the latest economic and financial conditions before taking this decision. The Governor said that all six members of the MPC voted unanimously to maintain the repo rate under the Liquidity Adjustment Facility at 5.5 per RBI Governor stated, 'After a detailed assessment of the evolving macroeconomic and financial developments and outlook, the MPC voted unanimously to keep the policy record under the Liquidity Adjustment Facility unchanged at 5.5 per comes after the MPC had reduced the repo rate by 50 basis points to 5.5 per cent in the previous policy meeting held in reason for the earlier rate cut was the easing of inflation. Earlier he stated that both near-term and medium-term inflation levels are now within the RBI's comfort zone. He also highlighted that food inflation has remained soft, which gives the central bank more flexibility in its inflation in India has continued to fall and has now reached its lowest level in more than six years. According to the Ministry of Statistics, the year-on-year inflation rate based on the Consumer Price Index (CPI) for June was 2.10 per cent (provisional), a drop of 72 basis points compared to May 2025. This is the lowest CPI inflation rate since January prices have also dropped. The Consumer Food Price Index (CFPI) for June showed a year-on-year inflation rate of (-) 1.06 per cent (Provisional). In rural areas, the food inflation rate was (-) 0.92 per cent, while in urban areas, it was (-) 1.22 per inflation has also turned negative. The Wholesale Price Index (WPI) for June stood at (-) 0.13 per cent, compared to 0.39 per cent in May. The Ministry of Commerce and Industry said the negative WPI was due to lower prices of food items, mineral oils, basic metals, crude petroleum, and natural Malhotra added that the economic outlook looks positive. 'The monsoon season is progressing well, and the upcoming festival season usually increases economic activity. Combined with supportive government and RBI policies, this situation bodes well for the Indian economy in the near term," he said. (ANI)
Bloomberg
12-06-2025
- Business
- Bloomberg
Rally in Indian Bonds Loses Momentum After RBI's Surprise Moves
A rally in Indian bonds is stalling after the central bank raised the bar for future interest-rate cuts and on concerns that it may start curbing excess liquidity in the banking system. The yields on the five-year and 10-year bonds jumped more than 20 basis points and six points respectively this week, reversing some declines in the current quarter. This came after the Reserve Bank of India unexpectedly shifted its policy stance to neutral from accommodative last week, warning that it has ' very limited space' left for further easing.
Powys County Times
10-06-2025
- Business
- Powys County Times
Investments in UK tech sector will create hundreds of jobs, says Government
Hundreds of jobs are set to be created across the UK as part of a raft of investments in the technology sector, the Government has announced. It comes as Science and Technology Secretary Peter Kyle told an audience at London Tech Week that the UK must be at 'the cutting edge' of rapidly growing technologies, such as AI. The technology sector is a key area of the Government's efforts to accelerate growth in the UK economy, in a bid to support efforts to increase spending. On Tuesday, a number of 'significant investments' in the sector were announced in areas including AI and fintech, which will see some companies setting up in the UK for the first time. Liquidity, a US-based AI fintech business, revealed it will launch its European headquarters in London as part of a plan to invest an additional £1.5 billion over the next five years. Meanwhile, Capgemini said it will expand UK operations with a new London headquarters. Netcompany, a Danish IT consultancy, will also invest £2 million to expand its Leeds office and is launching a new site in Edinburgh, which will ultimately create 150 jobs. Other investments include InnovX AI, a major European start-up hub, investing £14.7 million in a new London technology site, creating 30 jobs. Mr Kyle said: 'We have all seen over the last few years, just how rapidly and profoundly technologies like AI are transforming the economy, and our society. 'Britain can – and must – be at the cutting edge of this change. 'The era of hesitancy is over: we can be the masters of our fate, and through the measures I am announcing today, we will harness the vast potential of our trillion-pound tech sector to help remake our country for the better.' The Government said on Tuesday that it was opening its Science and Technology Venture Capital Fellowship for a second cohort and round of applications, to increase the capacity of the UK financial sector to invest in start-up businesses in the sector. Business and Trade Secretary Jonathan Reynolds said: 'Securing valuable high-tech investment is an integral mission of this government and seeing global investors put billions in the UK economy shows the plan for change is working, with more and more companies choosing Britain. 'With tech being identified as a key growth sector in our upcoming modern industrial strategy, we're not only helping attract and secure investment, but delivering long-term, stable growth that supports skilled jobs and raises living standards across the UK.'
North Wales Chronicle
10-06-2025
- Business
- North Wales Chronicle
Investments in UK tech sector will create hundreds of jobs, says Government
It comes as Science and Technology Secretary Peter Kyle told an audience at London Tech Week that the UK must be at 'the cutting edge' of rapidly growing technologies, such as AI. The technology sector is a key area of the Government's efforts to accelerate growth in the UK economy, in a bid to support efforts to increase spending. On Tuesday, a number of 'significant investments' in the sector were announced in areas including AI and fintech, which will see some companies setting up in the UK for the first time. Liquidity, a US-based AI fintech business, revealed it will launch its European headquarters in London as part of a plan to invest an additional £1.5 billion over the next five years. Meanwhile, Capgemini said it will expand UK operations with a new London headquarters. Netcompany, a Danish IT consultancy, will also invest £2 million to expand its Leeds office and is launching a new site in Edinburgh, which will ultimately create 150 jobs. Other investments include InnovX AI, a major European start-up hub, investing £14.7 million in a new London technology site, creating 30 jobs. Mr Kyle said: 'We have all seen over the last few years, just how rapidly and profoundly technologies like AI are transforming the economy, and our society. 'Britain can – and must – be at the cutting edge of this change. 'The era of hesitancy is over: we can be the masters of our fate, and through the measures I am announcing today, we will harness the vast potential of our trillion-pound tech sector to help remake our country for the better.' The Government said on Tuesday that it was opening its Science and Technology Venture Capital Fellowship for a second cohort and round of applications, to increase the capacity of the UK financial sector to invest in start-up businesses in the sector. Business and Trade Secretary Jonathan Reynolds said: 'Securing valuable high-tech investment is an integral mission of this government and seeing global investors put billions in the UK economy shows the plan for change is working, with more and more companies choosing Britain. 'With tech being identified as a key growth sector in our upcoming modern industrial strategy, we're not only helping attract and secure investment, but delivering long-term, stable growth that supports skilled jobs and raises living standards across the UK.'
