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Peter Stuart at Cyclist reports that wheel manufacturing giant Mavic has been placed in receivership by a Grenoble court according to reports from French national news sources, meaning the business will likely be in control of its creditors.
French wheel brand Mavic employs around 250 staff, and has long since been a prevalent wheel choice amongst high-end road bikes — with wheels such as the Ksyrium and Aksium series being amongst the best-selling in the UK.
Entering into receivership, slightly different to entering into administration, will mean that Mavic has been appointed a “receiver” by the court, likely on behalf of creditors, Cyclist discloses.
The court has granted six months for the judicial redress (redressement judiciaire) process, in which Mavic will be in the control of a receiver and will need to find a business plan going forward and potentially a new buyer for the company, Cyclist relates.