Accell bankruptcy: 60 parties interested in restart

Sixty parties have expressed interest in restarting the bankrupt bicycle manufacturer Accell, which owns brands such as Batavus, Sparta, Babboe, and Raleigh. According to the first bankruptcy report, curators received bids for individual brands as well as proposals to acquire groups of brands.

Potential investors include Irish firm Quanta Capital and DuTech Holdings, which is reportedly in serious discussions with curators. To improve the chances of a restart, curators have reached agreements with major creditors, including several large Dutch banks and Deutsche Bank. These creditors, who held a 110 million euro credit facility, have agreed to sell bicycle and component stocks as usual to maintain operations.

The bankruptcy follows several years of financial difficulty for Accell. Contributing factors included the aftermath of the COVID-19 pandemic, which saw high demand followed by logistical issues and a subsequent drop in demand that left the company with unsold inventory. Additionally, a costly recall of Babboe cargo bikes impacted the company's finances.