huski Posted October 29, 2015 Report Share Posted October 29, 2015 Be a while before any money comes back to them.Got to establish links with sub contract parts suppliers,wait for them to be delivered and assembled,get them to market and hire and pay employees.I ve heard it said that their government helps out with €100'000 when a new business above a certain number of employees starts up,which if true helps a bit.Good luck to them,there's a lot of riders who loved the GasGas and don't really want anything else.Im assuming they'll build 2015 spec bikes which are plenty good enough for most Quote Link to comment Share on other sites More sharing options...
nigel dabster Posted October 29, 2015 Report Share Posted October 29, 2015 Doubt if they owned the building and they didnt produce much either, just assembled. Lets hope it works out. Quote Link to comment Share on other sites More sharing options...
jfc Posted October 29, 2015 Report Share Posted October 29, 2015 (edited) Translation from http://www.elperiodico.com/es/ http://www.elperiodico.com/es/noticias/economia/fabricante-motos-electricas-torrot-presenta-oferta-mas-elevada-por-gas-gas-966-millones-euros-4626450 The manufacturer of electric bikes Torrot offers Gas Gas 9.66 million, the highest price The manufacturer of electric bikes Torrot offers Gas Gas 9.66 million, the highest price Wednesday, October 28, 2015 - 19.18 h The manufacturer of electric bikes Torrot is having submitted the highest bid for Gas Gas, immersed in the process of liquidation. It proposes buy it for 9.66 million euros, while the two other companies interested in the production unit, the investment fund and the French Sherco IRG, offered 7.02 and 2.66 million respectively. The opening of tenders in the Commercial Court of Girona has allowed to know that all companies interested in Gas Gas want to keep the brand, revive the activity and take some of the current staff, subrogating between 47 and 60 workers. Representatives of the Committee request speed in the process and remember that, with the two temporary employment records have chained, have consumed 60% of the unemployment benefit. The Girona company that manufactured dirt bikes and enduro, takes 10 months to stop production, and in July went into liquidation unable to renegotiate a debt of 44.3 million. The manufacturer of electric bikes Torrot is having submitted the highest financial offer, 9,669,628.20 euros for the production unit and assume part of the debts. If the proposal is broken down, 6.38 million euros would go to cover credit (with entities as Sabadell, CaixaBank, BBVA, ING and the Institut Català de Finances). Torrot offer is accompanied by a guarantee of up to 150,000 euros, and also includes that paid 1.65 million to buy the machinery and factory Salt estate, headquarters of Gas Gas. The industrial project, Torrot plans to invest 13 million euros over three years to launch a feasibility plan that allows revive the company, maintaining the brand. Also proposes subrogation contracts 55 workers. OTHER OFFERS Meanwhile, the investment fund WRI quantifies the value of the production unit at 7,020,115.94 euros. It proposes to pay 500,000 euros in cash when the liquidation process is over and allocate the remaining 6.5 million to revive the company. As for debt, only charges will assume Gas Gas contracted with Social Security. And in its industrial project, it provides subrogated 60 workers, and if you need more staff, will give priority to former employees. Stresses that keep the factory in Salt and one of his priorities will be to improve after-sales service and spare parts. Finally, the French Sherco is that proposed the lowest price, 2,665,160 euros. Of these, 1.10 million were earmarked for the purchase of plant, machinery, stock and customer network Gas Gas, and the rest to pay compensation to workers who are laid off and cover the debt with the Social Security . Subrogated proposes 47 contracts and invest 11.8 million in a plan to revive the company and the brand. From now on, a period opens for the different parts (insolvency administrator, staff, etc.) study the bids, and the court can give option to the interested firms to improve their proposal. For the judge to decide the new owner of Gas Gas. Edited October 29, 2015 by jfc Quote Link to comment Share on other sites More sharing options...
atomant Posted October 29, 2015 Report Share Posted October 29, 2015 The brand, factory, production facilities etc. Have a look on trialworld.es . €9.7 Million WTF ! are they insane?? I even thought the Sherco bid was even a bit steep but at least they know what they are doing ! Why would Torrot want a non-electric motorbike company? Quote Link to comment Share on other sites More sharing options...
nigel dabster Posted October 30, 2015 Report Share Posted October 30, 2015 If gas gas owed 47m and actually owned the building outright then they would have had to use that as a credit line, so i think somethings lost in translation there. Regardless it looks good for the workers and the brand. Quote Link to comment Share on other sites More sharing options...
crazybond700 Posted October 30, 2015 Report Share Posted October 30, 2015 Yes you are most probably right but even then how do they make it pay ? In round numbers, if a factory gets 500 Euro profit for reinvestment for each unit sold and they have a 25% market share of an 8000 annual total market, over 3 years they will have 3M Euro to play with. I am sure there are some more informed / educated comments to follow but how does this all work ? Is the market so much larger than some have suggested ? I quess they dont buy it, on first hand, for the trialbikes production. Quote Link to comment Share on other sites More sharing options...
collyolly Posted October 30, 2015 Report Share Posted October 30, 2015 (edited) What other reason is there for buying it ? Spares must be worth a bit, but not hundreds of thousands of pounds surely ? If the spares market was big someone with Chinese connections would be tooling up now. Their Enduro bikes do not seem to have figured in the conversation so are they any good ? Still can't see it. Edited October 30, 2015 by collyolly Quote Link to comment Share on other sites More sharing options...
huski Posted October 30, 2015 Report Share Posted October 30, 2015 Certainly take a long time.till they break even ,the enduro market is pretty much KTM territory albeit a larger market with some bikes used for trail riding too.Hopefully they know what they're doing and it proves successful,but I can't help thinking there's too many brands in the game for it to be good for all of them,which has been discussed enough already Quote Link to comment Share on other sites More sharing options...
crazybond700 Posted October 30, 2015 Report Share Posted October 30, 2015 What other reason is there for buying it ? Spares must be worth a bit, but not hundreds of thousands of pounds surely ? If the spares market was big someone with Chinese connections would be tooling up now. Their Enduro bikes do not seem to have figured in the conversation so are they any good ? Still can't see it. Some technology, network, name? Quote Link to comment Share on other sites More sharing options...
micm Posted October 30, 2015 Report Share Posted October 30, 2015 (edited) According to 'Diari de Girona' on 28 October 2015 there are three detailed bids for Gas Gas Motos. The highest bid is from Torrot (£7M) a Catalan (Spanish) electric bike company, the other two bids being from IRG (£5M) an investment fund and French company Sherco (£2M). Bidders were also required to say who got what proportion of their bids (ie creditors etc) and their general intentions towards the factory in Salt, and the workforce. Link... http://www.diaridegirona.cat/economia/2015/10/28/torrot-presenta-loferta-mes-elevada/750286.html Edited October 30, 2015 by micm Quote Link to comment Share on other sites More sharing options...
sirdabalot Posted October 30, 2015 Report Share Posted October 30, 2015 NO SPEAKO SPANISHO. Is it as simple as highest bid won? Quote Link to comment Share on other sites More sharing options...
dadof2 Posted October 30, 2015 Report Share Posted October 30, 2015 ACN | GIRONA manufacturer of electric motorcycles Torrotes is who has submitted the highest bid to acquire Gas Gas immersed in the process of liquidation. It proposes to buy it for 9.66 million euros. The other two firms involved in the production unit -the funds IRG and French Sherco- offered 7.02 and 2.66 million euros. The opening of the escrow Commercial Court has allowed all interested in knowing Gas Gas want to keep the brand, to revive activity and take part in the current squad, subcontracting between 47 and 60 workers. Representatives of the committee requested speed the process and remember that the two chains have temporary ERE have already consumed 60% of the unemployment benefit. The opening of the stems, which has become the Commercial Court of Girona, has served to put figures on the three offers that were presented to buy Gas Gas and know, roughly, what lies behind industrial projects . The company Girona, which made trial bikes and enduro takes months due to production stoppage and went into liquidation in July. Of the three firms interested in acquiring it, who presented the highest financial offer is the manufacturer Catalan Torrotes electric motorcycles. A total of 9,669,628.20 euros offered to buy the productive unit and assume part of the debt that drags Gas Gas. In fact, if your proposal is broken down, 6.38 million euros will be allocated to cover the credits contracted company Girona (with organizations such as Sabadell, CaixaBank, BBVA, ING and the Catalan Institute of Finance). The offer Torrotes, which is accompanied by a guarantee of up to 150,000 euros, which also includes pay 1.65 million euros to buy the machinery and factory polygon Salt, his Gas Gas. Regarding the industrial project, Torrotes plans to invest up to 13 million euros over three years to carry out a feasibility plan that allows the company to revive (keeping their brand). Regarding staff, the maker of electric motorcycles Catalan subrogated proposed contracts for 55 workers. 7.02 MEUR, supply of funds A bid Torrotes follows the investment fund IRG. This quantifies the value of the production unit at 7,020,115.94 euros. It proposes to pay 500,000 euros in cash upon completion of the liquidation process and allocate the remaining 6.5 million euros to refloat the company. This offer also states that, in regard to the debt burdens assumed solely Gas Gas has contracted with Social Security. Regarding the industrial project, the supply of WRI is more workforce subrogation provisions (specifically, 60 employees). The fund ensures that they maintain seniority and the rights they had acquired Gas Gas and if they need more staff, priority will be to hire former employees. The proposal stresses that IRG will keep the factory in Salt and one of the "priorities" will be to improve after-sales service and spare parts (weaving a network of importers and dealers). Sherco the lowest Finally, three envelopes were opened today at the Commercial Court, the French Sherco is proposing the lowest. In particular 2.66516 million euros. Of these, 1.16 million euros will be allocated to the purchase of the plant, machinery, stock and customer network Gas Gas; the rest will be used to pay compensation to workers who take leave and to cover the debt owed to Social Security. The proposal includes Sherco subrogated 47 contracts (of the three firms is who will take less staff) and invest 11.8 million euros in a plan to revive both the company and the brand. In addition, given that the factory be acquired Salt "without charges" and agreed with creditors. The committee calls for "speed" After the tender opening, now opens the period for parts (administrator, staff, etc.) to study the offers.During this time, the Commercial Court can also give option to the three firms concerned to improve the initial proposals. After receiving reports from different parts pertocarà solve the judge who will be the new owner of Gas Gas. The template calls for the Commercial quickly to decide the future of the company and allow it can resume production of motorcycles as soon as possible. The secretary of the committee, Jose Maria Lara says that 85 workers remain chained already have two ERE temporary. The latter is still in force, began to apply in July and lasts for half a year. "In total, we have already consumed almost 60% of our unemployment benefit, so we need a solution now and start working," said Lara. The Secretary also recalled that those workers who take leave to remain precarious, "because they have accepted consume part of their benefit at the expense of having a future." Therefore, from the committee say they will now fight especially "to the social", with the aim of ensuring that keep many jobs as possible. Gas Gas went into liquidation in early July, unable to renegotiate a debt that goes up to 44.3 million euros. Then, the company already had two months in bankruptcy. The company maintains save production since the beginning of the year, and today, the only gateway to resources comes from the sale of spare parts. Quote Link to comment Share on other sites More sharing options...
sirdabalot Posted October 30, 2015 Report Share Posted October 30, 2015 Thanks for that. It's a mess and a lot of dosh. Quote Link to comment Share on other sites More sharing options...
Andy Posted October 30, 2015 Report Share Posted October 30, 2015 Multiple topics merged Quote Link to comment Share on other sites More sharing options...
dadof2 Posted October 31, 2015 Report Share Posted October 31, 2015 (edited) Some posters had mentioned a possible Chinese interest in GG, that seems no longer to be the case, they are going to build nuclear reactors in southern England instead. Lets hope their nuclear engineering is more consistent quality than their other products or you southerners will have more to worry about than GGs future Edited October 31, 2015 by dadof2 1 Quote Link to comment Share on other sites More sharing options...
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