Gas Gas, unable to find a solution to its debt problems, has now passed from pre-bankruptcy into bankruptcy. It appears that from here forward the firms decisions will be made by a court appointed receiver. Its debt, including suppliers, now exceeds 30 million Euros. Is this the end of GG or just another hurdle towards solvency and getting back to production? As you might understand, it is a bit hard to get a grip on what the legal steps might be . There are still rumors floating around the Euro bike scene that suggest there is one or more major players standing in the wings waiting to pick up the pieces.
It seems more than just a bit ironic that just today, I took my first ride on the 2015 xc300e model. Here is more to read from Diaria de Girona, 5/19/2015
The manufacturer of motorcycles Girona Gas Gas has filed bankruptcy in the Commercial Court in Girona unable to renegotiate a debt climbs to over 30 million euros.
The firm, headquartered in Salt (Girona) for four months was immersed in a preconcurs and had a deadline on Saturday to try to tie a deal. According to sources have confirmed the company had already understood the bank, but the reluctance of the main shareholder of Gas Gas (an Israeli investment group) to inject 4 MEUR signatures have led the competition. The company maintains save production since the beginning of the year and last month agreed a temporary ERE affecting the entire workforce of 93 employees. Gas Gas has little time to revive the numbers and try to renegotiate the debt. The company, which carries a liability that climbs to more than 30 million euros, was presented yesterday bankruptcy (old suspension of payments) before the Commercial Court of Girona.
The manufacturer of trial bikes had since the beginning of the year immersed in preconcurs. And according to the law, the firm had four months which ended on 16 May- to look for new investors and refinance themselves. However, this has not happened, and the company has been doomed to bankruptcy (which means that, from now on, administrators appointed by the court to monitor accounts) .In today Gas Gas drags a debt with banks and public companies Avançsa that up to 24 million euros. An amount which must be added 10 million euros more, which are amounts owed to suppliers and shareholders. The main creditors of the company jet, based in Salt, are banks (BBVA, Banco Sabadell and ING).
Among them, totaling more than 70% of liabilities. A percentage to which have been added contributions in the form of equity loan, made by the Catalan Finance Institute (ICF) and the public company Avançsa.Fonts company, however, claim that there was already tied an agreement with the bank for Gas Gas surpass the economic impasse. The problem, according to the same sources specified, has come as a result of the reluctance of the main shareholder of Gas Gas, an Israeli investment group, to inject MEUR 4 in the firm.
This group is abroad who currently holds the address of the manufacturer of motorcycles, with Yariv Gilat head of the ERO and save empresa.Producció temporalDes beginning of the year, Gas Gas maintains save the production plant and Salt development of new models of enduro and trial bikes. Amid the preconcurs, steering committee agreed to a two-month temporary ERE, which was implemented this April, which affects 93 employees are on staff. In addition, the company also owes workers wages endarrerits.Fonts company explained that, once introduced competition, there is little time to try to find a way out. In fact, come to speak of days. If you can not refinance the debt, Gas Gas will be poured into liquidation.
The manufacturer of motorcycles Girona contracted much of passive drag between 2004-2005. The amount owed to banks refers to both facilities (factory) and production (ie, models of trial bikes and mountain). Before seen immersed in economic problems, Gas Gas was the No. 1 third trial bikes and enduro. Last year, it produced 8,000 units. 90% of its production exported to more than fifty countries around the globe (among others, France, Germany, Brazil and the United States).