MZ rescue fails
17 May 2013 09:30
Bad news for fans of the legendary German MZ marque. Despite positive noises at last year’s Milan Show and meetings, reportedly, with more than 30 possible investers, the historic firm from Zschopau has been declared insolvent. According to the official receiver an immediate investment of around €1m was required, but not forthcoming.
MZ, once one of the world’s biggest bike makers, went bankrupt in 1991 but was rescued with government funding only to fail again in 1996. Hong Leong Industries of Malaysia took over only to collapse in 2008 having lost a reported €70 million.
The brand was then bought by ex-racers Martin Wimmer and Ralf Waldmann in 2009. However Wimmer went bankrupt late last year. The last 20 workers have now been laid off.