HMCL Americas Inc. enters into settlement agreement to acquire EBR's consulting business

For a consideration of USD 2.8 million

Hero MotoCorp announced that its wholly owned subsidiaries in United States, HMCL NA, Inc. and HMCL Americas, Inc., together referred as HMCL Entities, have entered into a settlement agreement with the Receiver appointed by the Circuit Court, Wisconsin, US, in the matter of Chapter 128 filed by the Erik Buell Racing, Inc. and Erik Buell LLC.

As per the settlement agreement, HMCL Americas Inc. has agreed to acquire the ownership of certain tangible and intangible assets of the ERB Entities free and clear of all encumbrances, for a consideration of USD 2.8 million. HMCL Entities 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 Entities.

 

The performance of the settlement agreement will help the Company's in-house research and development teams with to accelerate development of certain consulting projects, including the projects EBR was executing for Hero MotoCorp at the time of filing of the Chapter 128 Receivership.

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