Wind Blade Maker TPI Shifts to Sell Assets as Cash Dwindles

Wind turbine manufacturer TPI Composites Inc. is seeking to sell its assets in bankruptcy, a pivot from its original strategy to restructure its balance sheet and exit as a viable business.

While TPI will continue to try to renegotiate supply agreements with primary customers GE Vernova Inc. and Vestas Wind System AS, a sale process has become necessary to deal with a cash crunch, the company said in an emergency motion Wednesday in the US Bankruptcy Court for the Southern District of Texas.

TPI’s emergency motion seeks to sell its assets in whole or in parts, via a marketing ...