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Will French Component Maker Ircos Still Exist Next Week?

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ABBEVILLE, France (13 February) – At the end of this week on 15 February, the liquidator of the French component maker Ircos will decide what will happen to the company. Offers to buy the ailing company, which runs two facilities in Normandy have been until today accepted by the Abbeville based liquidator Maitre Bernard Soiné. […]

ABBEVILLE, France (13 February) – At the end of this week on 15 February, the liquidator of the French component maker Ircos will decide what will happen to the company. Offers to buy the ailing company, which runs two facilities in Normandy have been until today accepted by the Abbeville based liquidator Maitre Bernard Soiné. On 17 January, 2001 the liquidation of Ircos was announced by the Court of Abbeville. Maitre Bernard Soiné has been appointed liquidator. The liquidation came about one week after SRAM Europe ended its partnership with Ircos. The partnership between the two component makers was created in June 1999 after the management buy-out (MBO) of SRAM France resulting in the creation of Ircos.
Patrick Buschel together with other members of the management of the former SRAM France bought the company. Soon after the MBO, Ircos met with financial problems which resulting in the announcement of a ‘technical bankruptcy’ in March 2000. Today, Patrick Buschel, Ircos Managing Director said to Bike Europe, “There are negotiations taking place right now about the selling of the assets the company. These negotiations are also taking place to re-evaluate the future activities of Ircos. The negotiations must be completed at the end of this week.” This is confirmed by other sources in France which indicate that the Ircos liquidator has until 15 February to evaluate all offers for the company. On 15 February he will announce what will happen to the component maker; whether the company will be taken over or will be forced to stop its activities completely. (JO)

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