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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Struggling Oudenaarde-based GAN specialist BelGaN has failed to secure the investment needed to continue and has declared bankruptcy, Evertiq.com reported. BelGaN's history goes back to 2008, when ON Semiconductor acquired the Oudenaarde site and made semiconductor products for the automotive, industrial and medical sectors. In 2022, BelGaN acquired the fab, and decided to switch production from traditional silicon chips to gallium nitride chips, which can be used in electric chargers, electric cars and data centres. The company ran out of cash to fund the transition, hence this announcement.
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A Belgian court ruled Thursday that all assets in the country belonging to American investment group 777 Partners can be seized, in the latest legal setback for the embattled company that owns Standard Liège and several other soccer clubs, the Associated Press reported. The decision by a court in Liege came after Standard's former owner Bruno Venanzi and shareholders of the company holding the club’s stadium requested the move, saying 777 had defaulted on a payment.
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Fashion retailer Esprit’s Belgium subsidiary has filed for insolvency due to rising costs and cash flow difficulties, the Wall Street Journal reported. Esprit Belgie Retail filed for the commencement of insolvency proceedings over its assets at the insolvency court of Belgium on April 8, Esprit said late Monday in a filing to the Hong Kong stock exchange. Esprit said that its Europe retail business operations were under stress because of high energy and logistics costs and weak consumer sentiment. Late last month, the fashion retailer’s Swiss unit had filed for insolvency.
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Van Hool's bankruptcy is now unavoidable, crisis manager Marc Zwaaneveld (appointed in early 2024) said in an interview with De Standaard, Sustainable Bus reported. Production of trambuses for Paris is a high risk as well, as he specifically stated that those buses "cost too much to make.” Van Hool announced its plan to stop production of city buses (and relocating business in Macedonia) on 11th March. Later on, the company asked for protection from creditors.