The website of US trade mag BicycleRetailer today reports that Jeff Sinclair, Schwinns chief executive officer, said he expects the sale to be completed within four or five months.
Discussions are said to taking place with several potential buyers. US observers believe Huffy could be in with a shout, but, as bikebiz.co.uk reported on Wednesday, the leading candidate is Merida of Taiwan, which is owed tens of millions of dollars by Schwinn/GT.
www.bicycleretailer.com reports that the past 10 years have been bad for Schwinn and GT.
In 1992 Schwinn filed for bankruptcy. The Zell/Chilmark Fund with the Scott Sports Group bought it the following year for $50 million. Questor bought Schwinn in 1997 from Zell/Chilmark and then acquired a nearly bankrupt GT Bicycles in 1998, forming Schwinn/GT.
Wednesday 4th April
Schwinn/GT owes Taiwanese factories millions of dollars
Thursday 5th April
Were Schwinn/GT to go into Chapter 11 ‘bankruptcy’ in the States that would enable a buyer to take on the European distribution rights as well as the US company.