Reliable sources in the USA have said that massive Hero Motor Corporation are to buy out all of the EBR shares from Eric Buell and now own the Erik Buell Racing operation in total.
Sources also said that Erik Buell has also been given full time employment and the famous American motorcycle brand will remain in place.
This is great news for EBR customers and fans along with their agencies and dealers worldwide.
This move could also see the EBR WSBK team back on the race track again
From their press release -
New Delhi, July 28, 2015: HMCL NA, Inc. and HMCL Americas, Inc. (both
wholly owned subsidiaries of Hero MotoCorp Ltd.) have entered into a “Settlement
Agreement” with the “Receiver” appointed by the Circuit Court , Wisconsin, U.S.A.
in the matter of Chapter 128 Receivership filed by the Erik Buell Racing, Inc.
and Erik Buell LLC (“EBR”).
As per the Settlement Agreement, HMCL Americas Inc. has
agreed to acquire the ownership of certain tangible and intangible assets of
EBR free and clear of all encumbrances, for a consideration of US$ 2.8 million. HMCL and the
Receiver have also agreed to resolve all disputes and fully give mutual
releases in terms of the Settlement Agreement for all subject matters which is
in any way related to EBR.
The Settlement Agreement is, inter alia, contingent upon the approval by the Circuit Court; and the
approval of the board of directors of Hero MotoCorp, authorizing its joinder as
a direct party to the Settlement Agreement on or before August 10, 2015.
The performance of the Settlement Agreement will help Hero
MotoCorp’s in-house research and development teams to accelerate development of
certain consulting projects, including the projects EBR
was executing for the Company at the time of filing of
the Chapter 128 Receivership.
EBR Inc., in which the Company has an equity investment,
and EBR Inc.’s subsidiary EBR LLC had ceased their operations with effect from
April 15, 2015 and had filed for the Chapter 128 Receivership before the
Circuit Court.
The notice of motion with regards to the Settlement
Agreement will be filed in the Circuit Court in the next few days.
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