Peter Leibold left behind all of €5,000 ($5,500) when his fuel empire, German Pellets, filed for bankruptcy two weeks ago. But by last Tuesday, Mr. Leibold emerged as a major investor in a coal-fired power plant.
Speaking to the employees of power company’s E.ON’s former Langerlo power plant in the eastern Belgian city of Genk, he unveiled a massive project, saying that he intended to spend a triple-digit-million sum to convert the 560-megawatt power plant into a biomass power plant.
He also said he would have the necessary funds available by the end of March. It is latest development in a bankruptcy story full of bizarre twists and turns.
German Pellets filed for bankruptcy on February 10, putting 650 employees on tenterhooks about the future of their jobs. Some 17,000 investors, worried about the €270 million they have invested in German Pellets bonds and participation rights, have since learned that a large portion of their money passed through a foundation and ended up as equity capital at two manufacturing companies in the United States.
Because these companies are not affiliated with German Pellets, the money is no longer accessible, at least for the time being.