| 02/28/2002 | Velonews is reporting that Ibis has announced that they have filed for Chapter 7 bankruptcy on February 21. Their phones were disconnected several weeks ago. Their website is still online, although news of their bankruptcy is not posted on the site.
Officials at Ibis could not be reached for comment. According to documents filed with the bankruptcy court, Ibis has no assets. Velonews reported that it has liabilities totaling almost $1.5 million.
Scot Nicol founded Ibis in 1983 and ran the company until April 2000 when he sold it to the former Ibis General Manager Roger Salameh. At that time they renamed the company Ibis LLC.
The future of Ibis as this time is uncertain. We hope that Ibis can turn around their financial problems again and continue production.www.ibiscycles.com
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