Posts tagged as hero cycles

  • Monday, September 29th 2014

    Mifa files for bankruptcy

    by Markus Huber

    Mifa, Germany’s largest bicycle factory, did not lose much time after reporting earlier today that its net loss for the first half of the financial year exceeded half its nominal share capital. Shortly afterwards, the company announced that it had filed for self-administrated insolvency at a court in the city of Halle, Saxony-Anhalt, Germany. The […]

  • mifa_fabrik

    Monday, September 29th 2014

    Mifa: The nightmare continues

    by Markus Huber

    In a preliminary statement, Mifa, the big German bicycle manufacturer, has announced that its net loss for the first half of 2014 is as much as half the company’s nominal share capital. The executive board has, therefore, called for an extraordinary shareholder meeting to be held as soon as possible. No money from India? The bike maker’s difficult […]

  • mifa_fabrik

    Monday, August 25th 2014

    Hero Cycles rides to Mifa’s rescue at the last minute

    by Markus Huber

    Major Indian bicycle manufacturer Hero Cycles saved beleaguered German counterpart Mifa, almost literally at the last minute. Hero agreed to take over a substantial stake just before Mifa had to repay interest on a large loan, for which it did not have the cash. Technically speaking, Mifa’s creditors agreed on a substantial reduction of capital from former big […]

  • Monday, August 18th 2014

    Hero Cycles plays big card in the Mifa gamble

    by Markus Huber

    Time is running out for major German bicycle manufacturer Mifa, but frequent rumors continue to suggest that rescue is about to arrive at the last minute. As reported, the creditors of the beleaguered company have granted a period until Aug. 25 to postpone interest payments which were already due last week. The German magazine Wirtschaftswoche claims to now have found out […]

  • Monday, August 11th 2014

    Creditors give Mifa more time to restructure

    by Markus Huber

    On Monday, One Square Advisory, the consultancy firm representing the interests of Mifa’s creditors, granted the troubled big German manufacturer of bicycles more time to pay interest on its loan. Payment was due this Tuesday, but the creditors agreed that Mifa needs more time to restructure its debts. The interest payment stands at €1.9 million. Nonetheless, time is of […]

  • Wednesday, July 23rd 2014

    Creditors secure Mifa’s future – for now

    by Markus Huber

    Today, Mitteldeutsche Fahrradwerke (Mifa), Germany’s largest bicycle manufacturer, reached a critical agreement with its creditors to find a medium and long term solution for the restructuring of its finances. The creditors agreed to remove all their mandatory rights to negotiate a financial settlement.  Today’s meeting with the supervisory board, the management and the creditors enlisted the help […]

  • Tuesday, May 20th 2014

    Mifa: Hero Cycles rides to the rescue but calls for commitment from creditors

    by Markus Huber

    As expected, Hero Cycles, India’s largest bicycle manufacturer, has ridden to the rescue of its troubled German counterpart, Mitteldeutsche Fahrradwerke (Mifa). Through its subsidiary OPM Global B.V., it will buy shares worth €15 million. The deal entails a capital increase of 10 percent at Mifa. Additionally, OPM has the option to acquire shares from current stakeholders in […]

  • Thursday, May 15th 2014

    Mifa denies Indian majority takeover

    by Markus Huber

    Mifa (Mitteldeutsche Fahrradwerke), Germany’s largest bicycle manufacturer, has denied speculations of a possible intervention by India’s Hero Cycles, which would secure the control of Mifa by the largest bike producer in India. 

  • Thursday, March 1st 2012

    Hero strikes whopping supply deal

    by ISPO NEWSBLOG

    Hero Cycles, the leading Indian bicycles producer, intends to double its capacity to about 10 million units per year by 2015, after it reportedly clinched a huge supply deal with Walmart. The Business Standard reports that Hero Cycles already supplied bicycles to the cash-and-carry stores owned by Walmart in India, but the global partnership would […]