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Dutch e-Bike Maker VanMoof Bankrupt, Administrators may Sell Assets

AMSTERDAM, July 18 (Reuters) - Dutch e-bike maker VanMoof has been declared bankrupt and curators are researching whether it can sell assets and restructure, the company said on Tuesday.

VanMoof, which raised 100 million euros ($112.56 million) to expand internationally as sales boomed during the COVID-19 pandemic, had filed for protection from creditors last week.

The company said in a statement that a judge at the Amsterdam District Court had declared Dutch entities VanMoof Global Holding BV, VanMoof BV and Van Moof Global Support BV bankrupt on July 17.

Two administrators named to oversee the company "are continuing to assess the situation at VanMoof and are investigating the possibility" of a restructuring that would allow the company to continue operating, including asset sales.

The statement noted that the company's international subsidiaries are not "in insolvency proceedings" and it would not comment further.

Dutch broadcaster NOS reported that the company, which sold bikes for more than 2,000 euros ($2,250) each, suffered from high costs to maintain and repair bikes while they were under warranty.

NOS cited an internal email sent to employees by the company's founders, brothers Taco and Ties Carlier, thanking them.

"We are sad but above all we feel proud of what we accomplished," the note said.

VanMoof bikes feature a sleek, simplistic design with the battery built into the frame, and have become commonplace on the streets of Amsterdam, where the company was founded in 2009.

It has around 700 employees.

($1 = 0.8890 euros)

Reporting by Toby Sterling; Editing by Muralikumar Anantharaman and Louise Heavens

Source: Reuters

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