News Article

Baltik Vairas CEO Zwick, “Pantherwerke Failed to Pay”


BIELEFELD, Germany – Earlier this week Bike Europe reported on the official statement of Pantherwerke clearly blaming former Lithuanian production partner UAB Baltik Vairas for driving the German company into a financial abyss. We asked UAB Baltik Vairas CEO Dirk Zwick to comment.

Baltik Vairas CEO Zwick, “Pantherwerke Failed to Pay”
Baltik Vairas CEO Zwick comments on being blamed for Pantherwerke's insolvency. - Photo Baltik Vairas

At Baltik Vairas’ subsidiary BV Cycles GmbH based in Bielefeld since end of last year, Dirk Zwick notes that, “Attributing blames via the media isn’t appropriate.” By the way, Dirk Zwick was COO of Pantherwerke AG before he switched to UAB Baltik Vairas.

Pantherwerke couldn’t pay

Zwick limits his statement to, “After UAB Baltik Vairas was sold we agreed not to supply Pantherwerke AG’s customers directly up to 31 August 2014. In return Pantherwerke AG would not to start its own bicycle production. Moreover there were agreements made between the contractual partners on the supply of bicycles. Pantherwerke AG couldn’t pay for the delivered bikes even after repeated reminders in January 2014. This caused the insolvency as UAB Baltik Vairas had to react.”

Non-competition covenant

“Furthermore Baltik Vairas pulled out of the non-compete obligation as distribution through Pantherwerke AG was no longer guaranteed. Also the non-competition covenant between both companies was no longer applicable. Consequently we started to deliver the customers by ourselves as of February 3th.”

This could be the reason why Baltik Vairas started a German subsidiary named BV Cycles GmbH at the end of last year. It is said that this company isn’t targeting Germany only, but the entire Western European markets.

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