New Owners Knocking on MIFA’s Door
SANGERHAUSEN, Germany – MIFA’s administrator Lucas Flöther confirmed that, “We are currently negotiating the take-over of the insolvent bicycle manufacturer with two serious investors.” Previously Bike Europe reported that Indian Hero was again preparing for new bid. In 2014 Hero Cycles was also involved in several proceedings for gaining a share in MIFA.
Flöther also stated that “the take-over process is expected to be completed this spring. All parties have agreed on the current status of the company and details of the sales process.” At this stage of the negotiations he did not disclose the names of the potential buyers. Whether the brand new MIFA factory is still up and running at that time is uncertain. Though it is still in operation, the number of people employed continues to decline and the output is limited week after week.
No money for sourcing parts
At the same time MIFA continues to face financial problems. On 31 January of this year the family Von Nathusius that owns MIFA still provided a 3.5 million euro loan for sourcing parts. It was a final attempt of the Von Nathusius family to save at least some of its multi-million investment in MIFA after they were asked by the state of Saxony-Anhalt to help-out the bankrupted bicycle factory in 2014.
Yesterday administrator Lucas Flöther told the MIFA employees that, “new contracts cannot be fulfilled as the funds necessary for ordering parts and components are missing. For cost saving reasons the number of employees will be reduced from 240 to 131 at the end of this month.”