The Board of Directors of Sunsundegui, a historic Navarrese bus company, located in Alsasua, announced this Tuesday at the Extraordinary General Meeting of Shareholders in Alsasua that this Wednesday it will present in court the request for voluntary bankruptcy without liquidation while continuing with the Search for an industrial investor to continue the activity of the factory, where more than 300 people work.
“This measure responds to the need to restructure the financial situation of the company after a period of two months from the beginning of the opening of the period of negotiations with creditors in which active work has been done, by the Board of Directors and by itself. “The company’s management team is searching for an industrial investor that, to date, has not materialized in any firm offer,” Sunsundegui said in a statement.
Despite this circumstance, the company has indicated that “the Board of Directors and the company management will continue with efforts to find a strategic partner that will provide continuity to the company’s activity while maintaining the greatest number of management positions.” possible job.”
The company has expressed its “sincere gratitude to Sodena, the public investment company of the Government of Navarra, for the support provided during this time to identify and attract potential investment partners that can support the Sunsundegui project.”
The consulting firm KPMG, which carried out a business study of the company, pointed out a problem of “oversizing” of the workforce, currently made up of more than 300 employees. At the end of 2023, Sunsundegui had to hire 150 people to produce a Volvo order and subsequently had to hire additional staff at the beginning of 2024 “to resolve incidents” in certain positions.
The Navarrese Minister of Industry and Ecological and Digital Business Transition, Mikel Irujo, acknowledged that the company is going through an “extremely delicate” financial situation despite having several orders from Volvo for the manufacture of 500 vehicles worth 80 million euros. , due to lack of liquidity.
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