We learned in February of this year that the 2020 Geneva International Motor Show (GIMS) had been canceled. We had assumed that it would be back in 2021, but we have now learned through a press release from the foundation that puts on GIMS that the 2021 has actually been canceled. This comes after they sent out a survey to exhibitors regarding next year's event. The results show that a majority of them would not participate due to concerns regarding the pandemic. After learning this, the foundation canceled the 2021 event.
But this isn't all of the news that we've learned today.
In March, after the cancellation of the 2020 event, the Foundation behind GIMS requested financial support from the Canton of Geneva in order to cover losses they accrued due to the canceled 2020 event. They were approved for a 16.8 million Swiss francs loan, but had to pay 1 million Swiss francs in June 2021 as part of the loan. This was all going well until the 2021 event was canceled, which would have been their source of funds for that initial repayment. Because of this, the foundation declined the loan and is looking to sell the show to Palexpo SA, the owners of the convention center where the GIMS is held. If this happens, the Foundation behind GIMS believes the event can run regularly without interruption.