Independent manufacturer of electric bicycles VanMoof has been declared bankrupt in the Netherlands, writes The Verge.

The company entered a so-called “suspension of payments” procedure with court-appointed administrators. VanMoof legal entities outside the Netherlands are not in bankruptcy proceedings.

Two administrators have been appointed as trustees of VanMoof and are continuing to assess the company’s situation and the possibility of its restart. This involves the possibility of selling the manufacturer’s assets to a third party so that VanMoof can continue to operate.

Instead, owners of VanMoof e-bikes enter a period of uncertainty about the future of their e-bikes, which require special parts and specialized maintenance. All repairs and deliveries of parts are currently suspended. That will all change, though, if VanMoof’s significant assets and operations are sold.

For VanMoof owners, the company says their e-bikes will remain functional and rideable. At the same time, anyone who wants to return the advance payment for a new electric bicycle will be able to file an application within the bankruptcy procedure.

“We started VanMoof 14 years ago with a crazy idea to change the world. The only reason that we were able to make a dent is because of you: the hundreds of dedicated and loyal people that have helped us with our mission to change cities for the better. We’re grateful to each and every one of you and are sorry that we will not be able to see this mission through together,” the company’s co-founders said in a letter to VanMoof employees.

We will remind that the company started its activities in 2009. Then it launched a line of traditional bicycles, and later switched exclusively to the production of electric bicycles. They are known for their sleek, minimalist design.