Gas Gas continues with its particular ordeal. The brand has just filed for insolvency proceedings in the Commercial Court of Girona, four months after it declared itself insolvent with the filing of a pre-insolvency proceeding.
Gas Gas has filed the insolvency application with a liability of €40 million after failing to find a partner willing to invest in time. The manufacturer filed for bankruptcy in January to have room to restructure its debt, given the delay in decision-making by some of its main creditors.
The banks were willing to renegotiate the debt if they could bring in a partner who would contribute a minimum of five million euros, which has not been achieved in time.
Below we reproduce in full the letter from the president of Gas Gas, Yariv Gilat.
