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Netherlands
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The Casbit Group, previously the operator of Lalabet and JungliWin online casinos, has been declared bankrupt by the Court of Curaçao, World Casino News reported. The company’s financial troubles stem from numerous unpaid debts, including €619,500 owed to Dutch gamblers who were unable to claim their winnings. After ceasing operations in Curaçao earlier this year, the group’s casinos are now under the management of a Costa Rican company.
Another well-known Dutch cycling manufacturer has filed for bankruptcy, the NL Times reported. Cargoroo, who sold electric shared cargo bikes, declared bankruptcy at the court in Amsterdam on Tuesday. It was reported last week that the e-bike brand Amslod was the last company to file for bankruptcy. The court in Amsterdam will declare Cargoroo bankrupt this week, Utrecht alderman Senna Maatoug (Mobility) expects. Bikes made by Cargoroo have been taken off the streets in Utrecht and cannot be booked anymore, she wrote in a letter to the municipal council.
Vinylrecycling, a Dutch PVC recycler previously known as BessTrade, announced it filed for bankruptcy on Nov. 19, SustainablePlastics.com reported. The recycler operates two plants within walking distance of each other in Lelystad, the Netherlands. The sites have a processing capacity of 20,000 to 30,000 tonnes/year of PVC waste and produce regrind and pellets of plasticised and rigid PVC, as well as micronised powder rPVC. Vinylrecycling is in a legal battle with the Netherlands Human Environment and Transport Inspectorate (ILT) over PVC exports to third countries.
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Advent International is considering reviving the sale of Dutch medical supplier Mediq as the private equity firm looks to cash out from the business, Bloomberg News reported. The US buyout firm is speaking to potential advisers and could seek a valuation of about €1 billion ($1.1 billion) for Utrecht-based Mediq, the people said. An auction process could be launched in the first half of next year, the people said, asking not to be identified as the information is private. Deliberations are preliminary and Advent could still opt to keep the asset for longer, the people said.
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Cosmetics chain The Body Shop has been declared bankrupt by the court, according to a notification in the Central Insolvency Register, the NL Times reported. In a statement on Facebook, the chain itself speaks of a bankruptcy in the Netherlands. The stores will remain open for the time being, while a bankruptcy administrator investigates whether there are possibilities for a restart. The Body Shop filed for bankruptcy and it was declared by the District Court for Midden-Nederland on Tuesday. The Body Shop is registered in Weesp, which is officially part of Amsterdam.
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One of the most popular electric bicycle manufacturing companies in the Netherlands, Stella, has requested protection from its creditors as the business is struggling financially, the Financeele Dagblad reported on Tuesday, according to the NL Times. The fate of the company’s 440 employees and 50 retail outlets is now up in the air. The move to defer payments can often lead to a Dutch company declaring bankruptcy. Stella’s parent, investment firm DMEP, has said that they think it would be irresponsible to invest more money into the company.
Dutch retailer Blokker was granted a moratorium on payment on Monday morning, reports Ynse Stapert, CEO of parent company Mirage Retail Group, Retail Detail reported. Though some 400 shops remain open for now, the webshop is closed. In a press release, Blokker confirms the report of business magazine Quote, which said last Friday that the chain had applied for a moratorium. Possibly this means the end for the household chain; after all, such a procedure often leads to bankruptcy. An administrator will work with Blokker’s management to investigate whether the company can restart.
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