Insolvent Belgan fails to attract realistic bid

The trustees overseeing the insolvency procedure of the Flemish gallium nitride foundry Belgan have commenced the sale of the company’s assets. Even though five interested parties made a bid, none of them were sufficient to warrant further negotiations. “We’re pulling the plug. The highest bid isn’t even half of the liquidation value of 50 million euros,” said Ali Heerman, one of the trustees, in newspaper De Tijd (link in Dutch). Belgan filed for bankruptcy in July after failing to secure the investments needed to transform the former Onsemi site into a GaN foundry.