BELGRADE, Yugoslavia (Reuters) -- Yugoslav ski maker Elan has gone bankrupt with debts of over $250 million and closed its alpine skiing competition team.
The news was confirmed Saturday by the manager of the company's skiing competition program, Bostjan Gaser.
He said Elan would not participate in the World Cup events in the new season and would pull out of the Yugoslav Ski Pool, effectively the Yugoslav national ski team, as both main sponsor and technical supplier.
Elan has been in production and organization difficulties since last year and all attempts to save the ski, boat and gymnastics equipment factory in Begunje proved unsuccessful.
Poor snow in Europe for the last three winters has seriously affected the company, and Mr. Gaser said earlier in the year it might not survive.
Their skis have been one of the most widely used brands in recent years.
Retired Swedish star Ingemar Stenmark used them, as did Yugoslav Mateja Svet and Martin Hangl and Thomas Buergler of Switzerland.