Liquidation of bankrupt BelGaN to begin
The receivers appointed to wind up semiconductor manufacturer BelGaN have begun liquidating its assets, after the East Flanders technology company went bankrupt at the end of July.
For some time, there was a possibility that a buyer would take on the company and restart its operations, but no serious bids were put forward.
The three bids that were submitted were nowhere near the liquidation value of the company, which the receivers estimated at EUR 50 million. According to the receivers, there was also a lack of interest in keeping the company's more than 400 staff employed and insufficient payment guarantees.
Some assets that would not have stood in the way of a possible takeover at the time have already been sold. The bulk of the remaining assets will be sold in the coming months.
These include business premises in Oudenaarde, which should fetch over 20 million euros, and machinery that should also be worth well over 20 million euros. It is not clear how the specialised intellectual property will be sold.
Candidates who showed an interest in the company may be interested in bidding for the assets. Full liquidation is expected to take several months.
#FlandersNewsService | The headquarters of BelGaN in Oudenaarde, 22 August 2024 © BELGA PHOTO JONAS DHOLLANDER
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