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PRINCIPIA went bancrupt

Posted: Fri Jul 02, 2004 1:29 pm
by martin
Danish framebuilder PRINCIPIA, manufacturer of highend road and mountainbike frames, went bancrupt on Monday, July 28

http://www.move.ch/website/news.php?id=1468

PRINCIPIA went bancrupt

Posted: Fri Jul 02, 2004 1:29 pm
by Weenie

Posted: Fri Jul 02, 2004 1:36 pm
by NS
Anyone know what this means for Warranties

Posted: Fri Jul 02, 2004 8:26 pm
by danielgillett
A business can not go bankrupt - They can only go into receivership or liquidation...

Does anyone know what's happened?

Posted: Fri Jul 02, 2004 8:38 pm
by divve
That was true long ago but they amended that distinction in the mid 1800's....get with the times there down under :)

Bankrupt: upon voluntary petition, having been legally declared financially insolvent.

Posted: Fri Jul 02, 2004 10:20 pm
by Mile Ditch
So they will go bankrupt in 26 days time? How do you know this?

Posted: Sat Jul 03, 2004 12:18 am
by martin
danielgillett wrote:A business can not go bankrupt - They can only go into receivership or liquidation...

Does anyone know what's happened?

Sorry, english is not my first language. "bancrupt" is what i would say in german. In the US they probably would've filed for chapter 5 or whatever number that was...
Dont know anything more. Some wild guesses:
they tried to enter the US market? The move to make "Isaac" carbon frames went wrong? Production in Denmark was too expensive to comepete with companys producing in Far East?
Maybe some other company will step in. The Brandname should be worth a lot.

I hear these are from the same designers. The headtube sure looks familiar :D
(can somebody plz explain what these rear dropouts advantage should be? a friend rides a Klein Quantum II, and changing the rear wheel is a pain in the ****)
http://www.ktk-sports.com/

Posted: Sat Jul 03, 2004 12:30 am
by Bruiser
Chances are some giant company will buy it for not much (if it has debts) and transfer production to Taiwan to cut costs and repay the debt to the owing company.

Receivership and Liquidation are the process for a "bankrupt" company, and the date for the move is on the 28/06/04.

Will be interesting to watch.

Posted: Sat Jul 03, 2004 5:13 am
by mises
Maybe we should pool our resources and send the receiver a 10 Euro offer for the name and all assets. :twisted:

Posted: Sat Jul 03, 2004 6:23 am
by danielgillett
mises wrote:Maybe we should pool our resources and send the receiver a 10 Euro offer for the name and all assets. :twisted:

Not funny. The loss of any decent bicycle company isn't any good; especially one with such a reputable name.

Posted: Sat Jul 03, 2004 9:10 am
by MantraPro
(can somebody plz explain what these rear dropouts advantage should be? a friend rides a Klein Quantum II, and changing the rear wheel is a pain in the ****)

It'a actually very easy, pull the chain with your finger and then pull the wheel out. You get dirty, but that's life :wink:
'

This is what Klein says about reardropouts.
micro dropouts

Klein's Micro dropouts are the strongest and lightest in the world. Unlike conventional dropouts, their reversed design works with the chain's tension to pull the rear wheel into the drop, making wheel slippage nearly impossible. Their design also allows for faster, step-by-step wheel installation and removal

Posted: Sat Jul 03, 2004 9:12 am
by MantraPro
Pictures came reverse, sorry :roll:

Posted: Sat Jul 03, 2004 9:19 am
by danielgillett
MantraPro...

I have never seen such a diry looking Record equiped bike! How often do you clean it? :shock:

Posted: Sat Jul 03, 2004 9:20 am
by Joel
Is that a chain :shock: so dirty :oops:

Record chain

Posted: Sat Jul 03, 2004 12:15 pm
by Ralphy-boy
Please oh please, pay respect to the Record name and clean it. VTIC
You would save nearly 15-20 grams of weight in cleaning it.

cheers

Posted: Sat Jul 03, 2004 12:30 pm
by Bruiser
I use White lightning which gives that appearance.

But I'm on DA10 so I can have a dirty chain. :twinkle:

Posted: Sat Jul 03, 2004 12:30 pm
by Weenie