EBR's assets sold to Atlantic Metals Group

Last month, Hero MotoCorp announced that it would take over the consulting business assets of Erik Buell Racing (EBR), its bankrupt technical partner, for $ 2.8 million (click here to read report). Now, the manufacturing assets of the company have been sold to Atlantic Metal Group LLC for $ 2.25 million under an auction ordered by the Walworth County Circuit Court.

These assets include factory machinery, tooling, motorcycle inventory, parts inventory, accounts receivable and intangible assets.

EBR had assets worth $ 20.8 million and liabilities amounting to $ 20.4 million, when the company shut down, leaving 130 people unemployed. Bruce Belfer, the owner of Atlantic Metal Group, has been a biker for 30 years. He has disclosed that he is planning to restart the EBR's operations and re-hire the employees. The company will stay in East Troy, Wisconsin.

In 2012, Hero MotoCorp and EBR entered into an agreement under which, the Indian company would source technology for high-end bikes from its partner. In 2013, Hero went on to acquire 49% stake in EBR for $ 25 million.

Source: JSOnline