💥New Chapter 11 Bankruptcy Filing - TPI Composites Inc.💥
Wind blade manufacturer whirls into chapter 11
On August 11, 2025, Scottsdale, AZ-based TPI Composites Inc. ($TPIC) and 21 affiliates (collectively, the “debtors” and together with their non-debtor subsidiaries, the “company”) filed gerrymandered freefall bankruptcy cases in the Southern District of Texas (Judge Lopez).* We covered the company’s sitch back in June …
… but to briefly recap, the debtors are “… a leading independent manufacturer of composite wind blades with a global manufacturing footprint that currently spans the United States, Mexico, Türkiye, and India” and “… a key outsourcing partner in the design, prototype, manufacturing, and technical due-diligence phases of large-scale onshore wind turbine production” for “… the top five global onshore wind turbine OEMs based outside of China …” — GE Vernova International, LLC ($GEV) (“GEV”), Vestas Wind Systems A/S ($VWDRY) (“Vestas”), Nordex SE ($NRXXY) (“Nordex”), Enercon GmbH(“Enercon”), and Siemens Gamesa Renewable Energy, S.A.
Nothing on the financial side has improved since that June ‘25 piece ☝️. Costs, inflation, the loss of customers, and the current US administration’s disdain for renewables and, specifically, wind continue to cripple the company. On the petition date, the company released its 2Q25 10-Q, which disclosed that net sales for the quarter are ⬇️ ~10.8% YoY from $309.8mm to $276.2mm, while adjusted EBITDA plunged ~28.4% over the same period from ($29.3mm) to ($37.6mm).
Plus, the company’s operations in Türkiye are FUBAR. In our prior coverage, we noted the company adopted a Türkiye-focused December ‘24 restructuring plan that contemplated the unjobbing of 20%+ of its workforce. To tell you how the layoffs went, here’s CEO and first day declarant William Siwek:
“In Türkiye, severe inflation, unexpected loss of contract volume from all three of the Company’s customers …”
… Vestas, Nordex, and Enercon …
… and a protracted labor strike at the Company’s Turkish facilities beginning mid-May 2025, which remains ongoing …”
“… has forced the Company to actively seek to exit its operations in Türkiye in the near term.”
Really stuck the landing on that one, y’all. Next time, instead of paying management $2.6mm+ in prepetition KERPs (🖕), including ~$1.2mm to Mr. Siwek,** give Johnny a call. Not only is he just as incompetent, he’ll f*ck up your execution for a helluva lot less.
Anyway, the culmination of all that shiz resulted in the share price tumbling:
