MAASMECHELEN, Belgium (Feb 6) - Belgian bike producer United Bicycles remains under protection of chapter 11. This effectively means that the company is safe from creditors, and gives them time to explore the possibility of a restart. The owning investors, do not want to continue producing bicycles at the location. A Chinese producer has shown interest in takeover, but not for 100%. Belgian brand Avenue (no relation to Danish Avenue!) has been declared bankrupt, after members of staff claimed their overdue wages and pension funds - Avenue was a trademark used by United Bicycle, Belgium. (MH)
by
Bike Europe
6 Feb 2006
last update:21 Mar 2006