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Fagor will close, it had just been confirmed. Parent group Mondragon has just said they won’t be putting up the 127 million euros Fagor needs to keep going. Earlier today, the Basque country government said it would put no tax payers money into the company with out Mondragon committing to save the company.
Bankrupt white good maker Fagor may be about to go under for good after the Basque government said it wasn’t prepared to put any cash into the company if the main investors wouldn’t. Fagor is part of Mondragon, the vast Basque conglomerate that runs dozens of businesses in the region. But Mondragon refused to underwrite the billion euro debt Fagor has run up, which is what caused the bankruptcy in the first place, and doesn’t Continue reading Basque government waves “bye bye” to Fagor