Uniper CEO: We are not facing insolvency

The chief executive of German utility Uniper, Klaus-Dieter Maubach, on Friday said the stricken company, squeezed between gas scarcity and sky-rocketing prices to fulfil its delivery obligations, was still financially OK.

"We are not close to insolvency," he told reporters at a press conference in Duesseldorf in which the management presented its wishes for the government to use a new energy security law to bail it out.

Also Read: Germany triggers second phase of three-level emergency plan for gas supply amid dwindling deliveries from Russia, reports AP.