Investor looks to rescue Mifa

There is new hope for the bankrupt firm Mifa, the German bicycle manufacturer, which had to file for receivership at the end of September. The investment company Deutsche Balaton AG has agreed to buy 1,575,000 shares from an unnamed shareholder, after it has submitted a recovery plan to receivers. This represents almost 16 percent of the cycle company’s capital. In a second phase, Balaton is prepared to buy new Mifa shares worth €1.26 million, should all new shares that are issued fail to be sold. The investor does however have an exit strategy: In the case that a recovery plan should not be successful, it will have the right to return the acquired shares to their original owner.

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