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Dutch Bike Maker Union In Provisional Suspension of Payment.

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ZWOLLE, Netherlands (November 1) – A Dutch Court has decided for a provisional suspension of payment for bicycle manufacturer Union. The court has appointed H.R. Quint lawyers in Zwolle as trustees. Until November 30 creditors cannot claim assets of the estate without consent of the trustee. On January 25 2002 a meeting of all creditors […]

ZWOLLE, Netherlands (November 1) – A Dutch Court has decided for a provisional suspension of payment for bicycle manufacturer Union. The court has appointed H.R. Quint lawyers in Zwolle as trustees. Until November 30 creditors cannot claim assets of the estate without consent of the trustee. On January 25 2002 a meeting of all creditors will decide on a bankruptcy verdict for Union and the proposal for the issue of the adjudication.
Sachs FMT in Nürnberg has recently filed petition for the Union bankruptcy for unpaid bills amounting to DEM 1.1 million (EUR562,000). According to Union MD and owner Rob van der Linden the suspension of payment has been applied for “to create tranquillity”. Together with the trustees Union will negotiate with interested parties about Union’s future. Van der Linden claims that there are more interested parties other than the Accell Group, but does not mention names. He expects that a solution will be found within weeks. (OB)

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