VanMoof Explores Sale Under Court Protection Because It Can't Pay Bills (theverge.com) 18
swinferno shares a report: VanMoof -- the Amsterdam-based e-bike maker that once bragged about being the "most funded e-bike company in the world" -- has turned to the Dutch courts for legal protection in order to give the company time to pay its bills. The company is exploring all possible routes out of its debt, including a possible sale, according to a source familiar with the matter. All options are on the table as the company looks for a path to survival. The company is also temporarily closing its brand stores. Amid rumors of trouble, angry customers descended on VanMoof's flagship Amsterdam store and service center (and former global HQ) on Wednesday to claim their bikes that had been brought in for service weeks ago.
The closures are meant to safeguard VanMoof employees. The so-called preliminary "surseance van betaling" (which translates to "suspension of payment") that VanMoof has entered is typically granted for a period of up to 18 months and -- importantly -- is designed to help companies avoid bankruptcy. However, it's also often the first step toward bankruptcy proceedings. Under Dutch law, creditors cannot claim their debts during the suspension of payment period, which ends once all creditors are paid, a final agreement with creditors is reached (private or judicial), or when the company is declared bankrupt.
The closures are meant to safeguard VanMoof employees. The so-called preliminary "surseance van betaling" (which translates to "suspension of payment") that VanMoof has entered is typically granted for a period of up to 18 months and -- importantly -- is designed to help companies avoid bankruptcy. However, it's also often the first step toward bankruptcy proceedings. Under Dutch law, creditors cannot claim their debts during the suspension of payment period, which ends once all creditors are paid, a final agreement with creditors is reached (private or judicial), or when the company is declared bankrupt.
Van Poof (Score:3, Funny)
The cash disappeared.
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Plenty of startups have found that being overfunded can actually be a curse.
Which is why I founded a new company, Cashr, that will take your startup's excess funding for safekeeping. For our early customers we're offering a special rate so the service will only cost them 10% p.a.
Their bicycles require service...? (Score:5, Funny)
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Hey grandpa, "hipsters" have kids in college now
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I started with an S2 and now own a couple of S3s.
When the bikes work, they are great and fun to ride. Electronic buttons, motor power boost to 500W and automatic gear changes are really innovative and make for a well-balanced product.
The sad part with VanMoof is that they never got their quality issues under control. Given the quality issues, support could not cope, and I guess the frequent required repairs were a bit too much in terms of cost.
I hope they pull through because their bikes are great.
Ties and Taco Carlier (Score:1)
Taco? Is that really a dutch name?
Re: Ties and Taco Carlier (Score:1)
Yes, I have personally known Dutch people named Taco and Joke
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Re: Ties and Taco Carlier (Score:4, Informative)
Taco [behindthename.com]
Funny nobody is wondering about Ties [behindthename.com]...
VanMoof Pulled a Big Blanket Over Creditors Heads (Score:1)
$4,000 bucks? (Score:1)
Disrupting the e-bike business like it was 1999 (Score:2)
At least they were partying like it was 1999 with their investor's money.
How can you loose $200 million on selling bicycles?
They could have given them away for free and still be left with some of that investment money.
Most funded but never even head about it (Score:1)