With immediate effect, a German court put an end to Mifa’s, the country’s largest bicycle manufacturer, plans to manage its bankruptcy in self-administration. Mifa filed for receivership at the end of September when it failed to secure investment from Hero Cycles, the big Indian bike maker. The court halted the management’s plan to administrate the insolvency itself at the request of a provisionary assembly of creditors who called for regular bankruptcy procedures.
Meanwhile, Thomas Mayer, the newly installed chief executive said that the company has received positive signals from retail and has managed to win a large order from a key account recently. Mayer added that he will soon start his search for potential investors which still might rescue the beleaguered manufacturer.