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Alesa Declared Bankrupt, Rigida Restructures

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SCHOTEN/ANTWERP, Belgium (May 3) – Belgian rim manufacturer Alesa has been declared bankrupt by a Belgian court on May 1. Earlier this year the company filed for suspension of payments. Both Alesa and parent Rigida Group went through bad financial weather conditions. Dutch Rigida Group is next to Alesa closing down four of its daughter […]

SCHOTEN/ANTWERP, Belgium (May 3) – Belgian rim manufacturer Alesa has been declared bankrupt by a Belgian court on May 1. Earlier this year the company filed for suspension of payments. Both Alesa and parent Rigida Group went through bad financial weather conditions. Dutch Rigida Group is next to Alesa closing down four of its daughter companies due to the current worldwide malaise in the bike sector. The closing of the four subsidiaries (in Poland, the US, Japan and Mexico) is part of a restructuring that started at the beginning of this year. The restructuring has also led to new owners and the relocation of the Dutch head office. Next to this a new Group Managing Director has been appointed which is Paul Zekhuis. An extensive report about the restructuring of Europe’s biggest rim maker will be published in Bike Europe’s May edition.
With regard to Alesa, right from the start of the suspension of payments period, the plans for the Belgian/Chinese rim maker called for an MBO. However, Alesa’s management did not succeed on May 1 in compiling a take-over bid of its healthy divisions through an asset deal. Alesa’s managing Director Van der Kerken stated: “The time frame was far too short, so our offer was too little, too late and we struggled on an unwilling attitude of creditor ABN AMRO bank.” All 78 workers at Alesa will be dismissed. Former parent company Dutch Rigida Group appeared to be interested in a take-over of Alesa’s two Chinese plants. Alesa’s trustees will further study and judge on the management’s take-over bid. (FN)

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