There is still a fair bit of uncertainty about the future of Gas Gas. But three offers to purchase the company have been submitted to the bankruptcy court, who will next decide which to recommend. Apparently there is still an open process by which the employees also offer their position regarding the choice of future owner. All of the bidders place the fixed assets of the company at just under 2 million Euro. There are also provisions in each to take over part of the social security liability.
The amounts bid vary drastically. As near as I can decipher, this is due to the variance on accepting some of the existing debt. The highest bidder Torrot, a maker of electric bicycles, is at 9.66 million Euro, then comes IRG investment group at 7 million and Sherco at 2.6 million. While the Sherco bid is lowest, it does not propose to assume any of the existing debt. Sherco also appears to have pledged the most additional investment. Each proposal has a commitment to future investment, but it is hard to tell just how firm those are.
The newest development today is that KTM has apparently made an behind the scenes offer to IRG to acquire some part of Gas Gas if their bid is successful.
From Diari di Girona
Template Gas Gas has opted for the takeover offer submitted by the manufacturer of electric motorcycles Torrotes. Through his lawyer, workers now enter a written Companies will know where your preference. Also ask the judge via self, who will solve the production unit Gas Gas before 17 November. The aim, explain sources of workers, is to avoid “further expand” the current situation.
Of the three purchase offers that were presented before the Court, is the highest of Torrotes financially. It offers 9.66 million to buy the productive unit (Salt factory and machinery) and assume part of the debt that drags Gas Gas. It also envisages investing up to 13 million over three years to carry out a feasibility plan that allows refloat the company (maintaining its brand) and subrogation contracts of 55 workers. “It clarifies that future industrial stability Gas Gas and consequently also their employees,” indicated from the committee. And they add: “I do not solsament with regards to workforce investment project, but also for being a Catalan company and the vision and commitment of Torrotes.”
In this offer, quantitatively follows the investment fund IRG. Proposes to acquire productive unit Gas Gas by 7.02 million and subrogation 60 workers. The staff, however, welcome the voice that has always maintained that precisely those funds are those who have led to the current situation. Finally, the third offer presented by the French Sherco, is offering the lowest (2.65 million) and contemplates taking also fewer staff (47 employees).
Before November 17
After studying the documentation that accompanies each offer, workers now enter a written Mercantile Court where the judge will make you know what is your preference. In addition, via attorney also asked the court to resolve who will remain with the Gas Gas production unit before November 17 to avoid “further expand” the current situation. However, the deadline for a decision Mercantil is still open. The judge can give option to the three companies once the stems open, what reformulate their offerings. It also remains to be seen what the report says before insolvency administrator make decisions about buying Gas Gas.