Alsasua (Navarre)-based manufacturer and bodybuilder Sunsundegui entered liquidation on 14 April, culminating in an employment regulation file for its 341 employees.
The liquidation follows the withdrawal of the only potential investor, Belgian-based Dumarey Group, which failed to present a formal offer.
It closes insolvency proceedings that began in November 2024. Local news reported at the time that the proceedings began owing to a “lack of liquidity” and debts of up to €48.8 million — €8.9 million owed to suppliers and €39.9 million to financial institutions.
The problems started during the COVID-19 pandemic due to production woes. Compounding that was Volvo’s withdrawal from a planned partnership with Sunsundegui on its 9700 and 9900 coach series in 2024.
Sunsundegui reportedly still holds an order book of 530 buses for 2025, but “lacks liquidity, organisational and technical capacity” to meet production demands profitably. With the withdrawal of Dumarey, the insolvency administrator has informed the works council that unless a last-minute solution emerges, asset liquidation and dismissal of all 341 employees is the only route.
