The end of an era: Kharkiv Bicycle Factory, which created the legendary “Ukraine” bicycle, is declared bankrupt
5 December 2024 16:31
on November 25, the Economic Court of Kharkiv Region declared Kharkiv Bicycle Plant PJSC bankrupt and began liquidation proceedings. The relevant information is contained in the register of court decisions, reports "Komersant Ukrainian".
The reason for the bankruptcy was the application of individual entrepreneur Olena Khomenko, to whom the plant owes almost UAH 800 thousand. The total amount of the company’s debts to all creditors reached UAH 41.8 million.
During the property disposal procedure, it turned out that the legal entity had no assets that could be sold to repay the debts. The court also noted that the company had no receivables that could be used to cover the debts.
In view of these circumstances, the court decided to terminate the property disposal procedure and start the liquidation of PrJSC Kharkiv Bicycle Plant.
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Kharkiv Bicycle Plant and the legendary “Ukraina” bicycle
Founded in 1923, Kharkiv Bicycle Plant became a landmark enterprise for Ukraine and the USSR, producing millions of bicycles. Its history began on the basis of the Alexander Leitner factory evacuated from Riga during the First World War. The first bicycles were assembled in 1924, and in 1926 the factory introduced the men’s road bike “Ukraine”, which became a legend.
The Ukraine model had a simple but sturdy design that allowed it to be used even in the most difficult conditions. In 1961, its new version, the B-120, was released, with improved frame geometry, reinforced rims and an updated fork. This model became a cult model among the rural population, and its mass production cemented KhVZ’s status as the leader of the bicycle industry in the USSR.
By the 1980s, the plant had produced more than 23 million bicycles, ensuring their popularity outside the Soviet Union. The legendary Ukraina has become a symbol of reliability and affordability, and documentaries and stories of its owners remind us of the important place of this bike in the lives of many generations.
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