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Friday, August 7, 2015

Erik Buell Racing sold to Atlantic Metals LLC

It’s official, Erik Buell Racing has been sold. The East Troy company went up for auction yesterday, and the Walworth County Circuit Court today put its rubber stamp on the winning bid of $2.25 million, made by Atlantic Metals LLC.

In its bid, Atlantic Metals acquired all of EBR’s manufacturing assets (machines, parts, tools, etc), as well as the company’s intangible assets (trademarks, patents,  databases, etc). Atlantic is acquiring these items with no contingencies, per the terms of the auction.

Between the tangible and intangible assets purchased by Atlantic and the consulting working acquired by Hero MotoCorp, EBR’s receivership proceedings raised a little over $5 million. Former EBR employees will be first in line to reap that amount, getting the $202,000 in paid time off that they are owed.

With $20.4 million in liabilities, only a fraction of Erik Buell Racing’s debts will be squared, but such is the nature of the beast.

What remains to be seen though, and likely at the forefront of every Buellista’s mind, is what will Atlantic Metals do with Erik Buell Racing.

It would be hard to imagine a company that specializes in the reclaiming of metals is suddenly going to get into the motorcycle business.

Source : Visordown
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Item Reviewed: Erik Buell Racing sold to Atlantic Metals LLC Description: Rating: 5 Reviewed By: Sajal
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