F2 Insolvent

[mark h]

Just heard about this:

Due to its inability to pay and insolvency the F2 has internationally GmbH, FN Alpenstr. 99, 5020 Salzburg, 290347g, vertr. D AP Dipl. Ing. Gerald Pa with the national court Salzburg the request for opening of the bankruptcy posed. With today's judicial resolution one allowed to this request (23 S 21/08w).


Procedure data:
The report hearing takes place to 15.05.2008
Demands are, even if over it a law case is pending already to make valid to at the latest 20.06.2008
The test hearing was fixed for the 03.07.2008
Insolvency causes:
The F2 internationally GmbH is busy with the production and the selling of sports articles, it concerns Windsurfboards, Snowboards and soft connections in particular.

If one follows the data in the bankruptcy petition, the however partner bought the partial enterprise including mark "F2" from a company Boards & More GmbH with seat in Rabach 1, to 4591 Molln, in the year 2007. In order to secure the financing, a unbesichertes partner loan was put to the nunmehrigen common debtor company of € 1.925.000, - - at the disposal. By end of the first financial year - the common debtor company balances under-year old in each case in February - it was certain that with sales profits by approximately 5.2 Mio.€ a negative result was gained by approximately 2.2 Mio.€, with which of the Alleingesellschafterin invested capital was used up in only nine months.

Causally for it the high cost load is in particular for the care of mark and image; in the bankruptcy petition running runner staffs, are stated world-wide marketing meetings as well as substantial advertising expenditures which are confessed to attainable sales profits in no relation at planned and/or in foreseeable time. Beyond that are also enormous development costs for the product range of the enterprise for the insolvency responsible.

After plan calculations had resulted in from a tax consulting company the fact that also in the season 2008/09 a further loss of at least one further million euro was foreseeable was stated on the basis a scenario plan the fact that a reorganization out of court was to be excluded and saw itself the enterprise therefore compelled to the bankruptcy petition position.

Financial circumstances:
The statement of assets and liabilities after liabilities of € 5.814.000, - -, book values of € 5.647.000, - - opposite, with which the insolvency would amount to only round € 167,000, - -. The smashing values plan however - after consideration of the right to seperate settlements as well as "adaptation" of the enterprise - remaining liabilities of € 4.991.000, - - with total assets of only € 791,000, - - .

The aforementioned adaptation concerns the intended Redimensionierung of the ranges marketing, advertisement and product care, which would correspond to a substantial cancellation of the circulating capital. From the premises mentioned a "theoretical" ratio of 12 % for the creditors results.

To mark it is that it concerns with these scenarios mentioned only acceptance and must the actual situation in the bankruptcy proceedings naturally only develop.

Possible obligation reconciliation:
Positively for the glaeubigerschaft it is to be called anyhow that in the bankruptcy petition it is already stated that the F2 intends to place internationally GmbH the request for conclusion of an obligation reconciliation.

Are the creditors 20% - bar ratio, after acceptance and confirmation of an obligation reconciliation to be offered payable at short notice.
To mark it is that it concerns for the time being thereby a declaration of intent and was not brought in a concrete obligation balance request yet.

To be fulfilled obligation reconciliation is in all other respects by the fact that is intended to continue the enterprise also in the bankruptcy.

The Fortbetrieb is in all other respects to become secured by financing by borrowing third, as this credit should cover the liquidity gap from the Fortbetrieb for planned three months. This Fortbetrieb is to create among other things the condition for intended obligation reconciliation, whereby it is intended that the enterprise is away-operated also after conclusion of obligation reconciliation, however in a substantially redimensionierten extent - see above - whereby in the bankruptcy petition is aforementioned that with realization of

the scenario the common debtor company is confident, the warranty third for the fulfilment of obligation reconciliation to receive.

Firm book:
The F2 internationally GmbH was created with articles of association of 1.3.2007 and is logged in the firm book of the national court Salzburg to FN 290347g. Alleingesellschafterin with a fully installation-paid investment at a value of € 100,000, - - is the Sir Francis Heath private donation. As according to commercial law managing directors functions Dipl.Ing. Gerald Pa. Still in the firm book stated the managing director engineer likes pure hard yard farmer according to the data in the bankruptcy petition back stepped.

For further information:
AKV EUROPE
GST Salzburg

Its a shame especially when you consider number of "Toys"; development; Fun and Function F2 have provided for years and years.(Loads more than #B ???)
Their demise (if it does happen) has certainly been helped by all the sheer BS peddled by manufacturers nowadays.
I`ve been involved in sport since late 70`s.There has never been a worse time for "dead" ends and BS.
F2 (in past ?) could always be relied on to provide fantastic quality;performance ;at a realistic price;ith realistic claims of that performanc.All their products have been excellent.Many have been classics.They have at many times led the pack.(Metaphorically and literally)To many they always will.
The WS world will be worse for their loss .!
I do hope poster 1 wasn`t gloating !

[mark h]

Hi Unreg.
No gloating here, more shocked. I think its a sad day when a major playersinks. Not a good day for any of us. Hopefully a buyer will come forward with a salvage package.

Windsurfing companies that bit the dust:

1. Windsurfing Hawaii
2. Paia Sails
3. Gun Sails
4. Sailboard Masterclass
5. Bic
6. HiFly
7. Marlin
8. f2
9. Ampro
10. ???

Any others?

[viking]

Gun Sails?
Bic?

They both look quite fine. Do you have an idea of how much Technos Bic solds?

Wind Weapon

[andreas]

* Klepper
* Alpha
* ART

have also disappeared...

cya on the water,
Andreas

[Floyd]

Chapter
Limited Edition
New Waves
M+M
Dolphin
The Other Alpha (Sail builders)
There`s more gone than left !

Rushwind
Fleetwood
Surf Engineering
Waddell Sails
Gorge Technology
Parton Boards
Hi-per-tech
Windsure

You didnt´mention Pro-Tech.