GAS GAS FILES FOR BANKRUPTCY
Unable to renegotiate its crippling debt Gas Gas Motos, S.A. has filed for insolvency in the Spanish courts…
With the initial deadline of May 15th passing without the Spanish manufacturer reaching an agreement with the court to re-finance its debt, on May 18th Gas Gas Motos S.A officially filed for insolvency.
In spite of all efforts to find a solution to the current financial situation and re-structure the company, to date none has been found.
The next step of the ongoing case is that the court will now appoint a trustee to find a new buyer. Sources state that a private investor and a number of other companies/brands have expressed interest in getting involved.
This means that even though Gas Gas (under existing management) has been unable to find a solution to its problems, there is every chance that the brand will live on if and when new owners are found. It’s a process that looks set to take some time as each interested party will have to strike a deal with the court appointed trustee.
Below is the official statement from the UK’s enduro distributors.
Gas Gas Financial Situation
Gas Gas Enduro distributors in the UK, ClementsMoto Ltd, have been informed that on Monday the 18th May, Gas Gas Motos, S.A. filed for insolvency on the Spanish courts.
In spite of all efforts to find a solution to the current financial situation and re-structure the company, to date none has been found. In the coming weeks a court appointed trustee will take control of the company, but until that date, efforts continue to secure the investment required.
In the event this fails, the court appointed trustee will see that the company is sold and we believe several parties are already involved in negotiations behind the scene to acquire the company as a going concern.
In the meantime the Gas Gas spare parts department is still operational and the UK is still receiving regular deliveries.
As soon as further information is available, an update statement will be issued.