German Manufacturer Euro-Bike Applies for Insolvency
ZERBST, Germany – Just after the peak of the bicycle sales season, the German bicycle manufacturer Euro-Bike applied for insolvency which was published last Monday. Euro-Bike is known for manufacturing brands like Schindelhauer, Rothwild, Coboc and Nikolai.
“We see good opportunities for a reorganization and continuation of the company and the business operation will continue as usual,” says Dr Christian Heintze in a statement. The District Court Dessau/Roßlau appointed Dr Christian Heintze of the insolvency administration office bank BBL Bernsau Brockdorff as provisional insolvency administrator.
Long-term assembly contract cancelled
“Euro-Bike was hit by a downturn as one of its main contractors surprisingly cancelled a long-term assembly contract in order to carry out the assembly itself in-house. In addition, there is a challenging market environment: volume wise the production of regular bicycles has been declining for years while the e-bike has been increasing.
“My goal is to rehabilitate the company and support a continuation,” Heintze explains. “Euro-Bike enjoys a very good reputation and carries out assembly orders for a variety of bicycle manufacturers throughout Germany. Together with the management we are currently holding talks with new clients and potential investors.”