BERSENBRUECK, Germany - Kynast bike GmbH asked for insolvency June 28. Appointed as receiver is Wettringen based Andreas Sontopski. According to various sources the (third!) bankruptcy was forced by a decision of the regional state of Lower Saxony that due to EU regulations was not able to extend a state debt guarantee. Also due to losses the 1.5 million euro equity of the company was severely affected.
Kynast’s financial manager Jan Hüring is quoted in a local newspaper blaming the involved bank pool. According to Hüsing they urged for an unreasonable increase in equity after the management already upped that to € 750,000. Hüring also stated that Kynast Bike is a company with a bright future that in for the rest of 2007 planned a turnover of about 3 million euro with which the company was in the black figures.
40 to 50 people worked at Kynast bike GmbH. A huge contrast with the 2,800 employees Kynast once had when it was still the biggest bike factory in Europe.
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