Gas Gas Enduro and Trail Manufacturer in Bankruptcy
Spanish trails and enduro manufacturer Gas Gas has filed for the local equivalent of Chapter 11 bankruptcy.A trustee was appointed by the insolvency judge in the company's home town of Girona, north of Barcelona in early May, taking control of the company as it searches for the necessary investment to enable it to continue trading, and safeguard the jobs of its 100 employees.
Gas Gas is understood to have debts of around 20 million Euro, after receiving 2 million Euro from the Catalan regional government in 2014 to fund the acquisition of new technology to improve its two- and four-stroke engine designs, following a 4 million Euro investment by an international consortium in 2013.
This enabled it to reach an agreement with Moto Italia srl, the Italian-based former Husqvarna Motorcycles concern, to acquire its two- and four-stroke engine technology, a deal which had the approval of the Austrian KTM group that had acquired Husqvarna from BMW early in 2013. in 2014 it was announced that Gas Gas would merge with Ossa having previously agreed to share production facilities and personnel.
Ossa was relaunched in 2009, three decades after its closure, and is understood to have produced around 800 trails motorcycles since then.
It's understood that more than one Chinese manufacturer is interested in acquiring Gas Gas from the liquidator to provide it with a foothold in the European market...Tag: Gas Gas Bankruptcy Chapter 11 Enduro-Bike Dual-Sport Off-Road Trial-Bike Business KTM Husqvarna
