AMSTERDAM (BRAIN) — Dutch news sites are reporting that the Amsterdam district court has declared Accell Group bankrupt. The move follows the court's granting the company some protection from creditors last week.
The reports, including one on NL Times, quote trustees who note the case is complex because of Accell's subsidiaries in several nations, including Raleigh in the United Kingdom and Lapierre in France. French news sites report that Lapierre is seeking court protection and continuing operations while it explores the limits of its autonomy.
As of Tuesday evening U.S. time, Bankruptcy File, a privately operated website that maintains a database of Dutch bankruptcy court filings, still showed five separate Accell Group entities in the "Suspended" status, not the bankruptcy status.
In February, Accell and U.S.-based investment firm KKR announced that Accell secured a new investment, that its major lenders were part of its new ownership group, and that the lenders had agreed to a plan they said would reduce Accell's debt and place it on more stable financial footing. KKR, which led a group that paid $1.77 billion for Accell in 2022, retained no equity after the February transaction.
Since then, according to Accell, its advisors have "explored every possible avenue for the group's future, including discussions with several interested parties, the consideration of multiple offers, and seeking regulatory approval for a potential merger."
This year Accell divested two of its brands, selling its titanium frame brand, Van Nicholas, to the Italian cargo brand Velo-ce, and its Nishiki bike brand to Turkey's Kron Bicycle (In the U.S., Dick's Sporting Goods continues to own rights to the Nishiki brand). Accell also planned to close its factory in Heerenveen, Netherlands, this year.
