Motorcycle manufacturer Gas Gas ceases production after creditors meeting

February 4, 2015 11:26 PM | ACN / Alba Barrionuevo

Gas Gas, a motorcycle manufacturer from Girona Province, has ceased production after a creditors meeting at the Mercantile Court.  The company says it has to interrupt the production chain due to difficulties in restructuring a €20 million debt. Gas Gas confirms that, after seven months of failed negotiations with banks in order to restructure the debt and get additional funds, last week it seemed that progress was being made in the hope of reaching an agreement. Meanwhile, the Catalan company has filed a pre-bankruptcy request and has ceased production, but they hope to reach an agreement soon and get back to business once again.

Catalan company Cata buys bankrupt domestic appliance business Fagor

July 29, 2014 09:01 PM | ACN

The Basque domestic appliance company Fagor Electrodomésticos, which declared bankruptcy in November 2013, has been bought by the Catalan company Cata. On Tuesday the Mercantile Court Number 1 in San Sebastian awarded Fagor's assets to the Catalan domestic appliance company for the price of €42.5 million, €14.5 million more than was offered by the Algerian company, Cevital. Cata offer covered all of the bankrupt divisions of the Basque cooperative and pledged to create 705 direct jobs, as well as ensuring the continuity of the brand names Fagor, Edesa, Aspes and Splendid. Cata stated that the purchase of Fagor was important because it will create "industrial synergies" between the two companies.

The People’s Party holds an offensive against Catalonia’s self-determination

January 24, 2014 07:44 PM | ACN

The People’s Party (PP) is holding a convention in Barcelona, with leading figures of the party, including PM Mariano Rajoy, to reject Catalonia’s self-determination and independence. On Friday, the PP’s Secretary General, María Dolores de Cospedal, stated that her party “will not allow Catalonia to split from Spain through machete strikes”. She added that “no one can bite off [a chunk of] a country” and that an independent Catalonia “will be born in bankruptcy”. In addition, the leader of the PP’s Catalan branch, Alícia Sánchez-Camacho, accused the Catalan President of “imposing” the self-determination vote. Besides, she emphasised that the PP “had suffered a lot” in the Basque Country, which is also happening in Catalonia. Within the convention there is a conference of a former PP member who chairs the Association of Terrorism Victims.

Bank of Spain Governor: Catalonia’s independence would bring “bankruptcy”

November 26, 2013 02:52 PM | ACN

The President of the Catalan Government, Artur Mas, replied that “nobody believes” in the “apocalyptic” message sent by the Governor of the Bank of Spain, who was appointed by the current Spanish Government in 2012. Mas asked Luís María Linde for “caution” and “to serve the whole of Spain and do not take sides”. Linde stated in Madrid that “independence is unviable”. He argued that the European Central Bank only funds Member States and thus Catalonia would be “obliged to issue its own currency” and have “its own banking supervisor”. On the same day, the Spanish Finance Minister, Cristóbal Montoro, said that if Catalonia were independent it would have “to abandon the Euro” and this could even lead to putting the entire Eurozone at risk. However, in September the European Commission confirmed that an independent Catalonia could continue to use the Euro in different scenarios.

Spanair calls for voluntary bankruptcy and prepares the mass layoff of its 2,065 workers

January 30, 2012 10:39 PM | CNA

The Catalan airline has a debt of €474 million; €260 million of which is with its shareholders and the remaining €214 millions with providers, airports and social security. The Catalan Government has invested €140 million in the airline, split in loans given to the company and in Spanair’s capital. Spanair stopped all its activity on Friday evening because it could not find any additional funding. All the more than 12,000 Spanair passengers passing through Catalonia over the weekend found an alternative flight using other airlines.

Spanair cancels all its flights and stops its activity for financial reasons

January 28, 2012 12:31 AM | CNA / Gaspar Pericay Coll

Due to the impossibility of finding extra capital, the Barcelona-based airline’s board has taken the decision to cancel all its flights and to suspend the company’s activity. Negotiations with Qatar Airways broke down, which forced Spanair’s board to analyse the company’s viability. The Catalan Government, which partially owns the airline, has refused to invest more money in the company, and thus Spanair stopped flying. Passengers will be refunded and will be able to buy discounted tickets with other airlines.