Economy
Monday, September 29, 2014
Now also the following products: The East German bicycle manufacturer MIFA slips deeper into crisis and filed for bankruptcy. However, the operations will continue as planned. MIFA expected in the first half of negative equity.
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Germany’s largest bicycle manufacturer MIFA slips after the failed start of the Indian company Hero in bankruptcy. After the company was forced to admit a loss of half of the capital in the morning, followed at noon the application for insolvency in self-administration. This aims at the MIFA Central German bicycle Werke AG to continue its restructuring on their own.
The bankruptcy filing comes as a surprise. The bicycle manufacturer was indeed slipped last year in the red. But for quite some time already stood the rescue fixed by the world market leader Hero. The Indian bike manufacturers by turnover number one in the industry wanted, invested at least 15 million euros and take over the majority.
The home of the Indians, however, is now bursting. An essential part of the basic agreement of August with the Indians could not have been implemented as promised, MIFA said. Now the company
True wants to restructure their own., The District Court the request for such self-administration, the Board is a preliminary trustee set aside, while the Board retains corporate responsibility and a sales process initiates. The operating business is to continue.
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MIFA has been fighting for a long time because of the cheap Asian competition for survival. The bicycle workshop in the spring had informed about errors on the balance sheet guide and made a net loss of 13.2 million euros. The company had blamed for the high net loss a new booking system which inventories have recorded incorrectly.
In the current year the company from the Thuringian Sangerhausen calculated also at a loss. The next year was the bicycle Bauer, whose brands include Steppenwolf and Grace, and occurs as a supplier of private label but again achieve a slightly positive result. Mifa mainly supplies large retail chains such as Aldi with cheap wheels.
Source: n-tv.de
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