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MIFA Loses ‘Self Administration’ and Board Member

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SANGERHAUSEN, Germany – The insolvency of the troubled bicycle manufacturer MIFA entered a new phase. The District Court of Halle (Saale) ruled to suspend the company’s ‘self-administration’ with immediate effect.

MIFA Loses ‘Self Administration’ and Board Member
MIFA’s insolvency entered a new phase with a Court ruling. – Photo Bike Europe

As a result of the ruling MIFA’s management can no longer handle its own insolvency of which it obtained approval from the same Court last September 29th.

On Tuesday October 7th the Court decreed a preliminary insolvency administration responding to the unanimous vote passed by the preliminary creditor committee. The ruling was communicated on October 7, but is not yet enforceable. The Court also appointed Prof. Dr. Lucas F. Flöther as the preliminary administrator. Flöther was also administrator of the insolvency proceedings under self-administration.

Supervisory Board member Stefan Weniger dismissed

Today MIFA reports that Supervisory Board member and chief risk officer Stefan Weniger has been dismissed. Until further notice current CEO Thomas Mayer is the only board member left.

Yesterday Weniger was still positive about the future of the company. “We are looking forward to continuing to work together in a trusting and constructive manner with the administrator, the company’s boards, the preliminary creditor committee and all of MIFA’s other stakeholder groups. The instrument of a preliminary insolvency administration is an appropriate tool to ensure continuity and stability for our customers and suppliers, too.”

Thomas Mayer, MIFA’s CEO since 1 October, said yesterday that; “our customers as well as our employees are supporting MIFA. We are currently receiving extremely positive signals from important customers regarding orders for the 2015 cycling season.”

Mayer also claims to have won a large-scale order over the past days without disclosing further information. “The positive trend on the market side forms a good basis for the company’s forthcoming industrial reorganization. The process of seeking investors will start soon,” said CEO Thomas Mayer.

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