The management has to prepare a plan of financial reorganisation within 90 days, bankruptcy manager Melita Burja told the Slovene Press Agency last week.

Rog Kolesa, neé Elan Bikes, files for bankruptcy protection again

"We will reorganise production and other processes and find optimal personnel solutions to preserve employment, bike production and most business relations with buyers and contractors," head of Rog’s management team Laura Ceglar told STA.

Tevz Tavcar of the Elan group denied allegation there would be 30 to 80 lay-offs. He also said the company is not going bankrupt.

Ceglar said the company’s "bad financial situation" is due to "the wrong marketing strategy…and structurally inadequate bicycle sales, insufficient costs control and worsening personnel structure."

The current management blames the former management, led by Tomi Sefman.

Earlier this year the name of the Elan Group’s brand was changed from Elan Bikes to Rog Kolesa.

The company is to hold a shareholders’ meeting on 31st August.

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