French motorcycle manufacturer in financial trouble as economic downturn bites hard
FRENCH MOTORCYCLE manufacturer Voxan has gone in to receivership - that's the latest news from Europe this morning.
Sources say the decision to place Voxan into receivership was made after the French factory has announced the cessation of payments.
The Chairman of the Board has requested the suspension of quotation of the title from September 4, 2009.
The company explained: "The low level of sales since the second half of 2008, in the current global economic crisis, combined with the delayed launch of a new motorcycle model, due to the failure of many sub contractors, no longer allows the company to operate its plant, which employs a dozen employees.
"The diversification projects and joint ventures with foreign investors have also been rejected because of the economic crisis."
Voxan now has six months to find a suitable solution.
