Hero MotoCorp updates on acquisition of Erik Buell Racing Inc.
Board of Erik Buell Racing agrees for assignment of benefit of creditors under Chapter 128 of Wisconsin Statutes
Hero MotoCorp announced that Hero MotoCorp (HMC) had invested USD 25 million in Erik Buell Racing, Inc., a Delaware corporation (EBR), through a wholly owned subsidiary in Delaware, U.S.A. by the name of HMCL (NA), Inc.EBR has a wholly owned subsidiary, Erik Buell Racing LLC, a limited liability Company organized in Wisconsin (Subsidiary).
On 16 April 2015 the Board of Directors of EBR has passed a resolution for an Assignment for the Benefit of Creditors under Chapter 128 of the Wisconsin Statutes for itself and the Subsidiary (in its capacity as the sole member and manager of the Subsidiary) and to direct the proposed assignee or his counsel, to file such assignment in the Court for the County of Walworth, State of Wisconsin. EBR and Subsidiary will also be ceasing their operations with effect from 16 April 2015.
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