Voxan again in receivership

Voxan has just been placed in receivership by decision of the Clermont-Ferrand Commercial Court, following the declaration of an end to payments. The listing of its title on the stock market is suspended as of today.

Another blow for Voxan which was put in receivership Wednesday by the Commercial Court of Clermont-Ferrand (63), following its declaration of suspension of payments: "the low level of sales observed since the second half of 2008, in the current context of the global economic crisis, associated with the delay in launching a new motorcycle model, due to the failure of many subcontractors, no longer allows the company to operate its factory which employs about fifteen people", explains the company based in Issoire (63).

Voxan regrets that "diversification and joint venture projects with foreign investors to develop new markets in emerging countries have been postponed indefinitely, due to the economic crisis", specifies the press release.

"Under these conditions, the banks no longer provided financing for the activity and had made all of their assistance payable, which led the Chairman of the Management Board to refer the matter to the Commercial Court.", adds Voxan.

The chairman of the management board, Eric Terrasse, requested the suspension of the stock’s listing as of today. Voxan intends to take advantage of the observation period of 6 months to find economical solutions allowing the continuation of activity at the end of the receivership..

In April Guy Couach Yachts, one of the other companies owned by Voxan owner Didier Cazeau, was also placed in receivership.

Even if a "receivership" does not automatically lead to a "liquidation" of the same name, it is a new hard blow which the Auvergne motorcycle, which has already experienced many difficulties since its creation, would have gone well. To be continued…

Eric MICHEL

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