Author: Oli Rushby Posted: 03 Jul 2015
Assets belonging to the former Erik Buell Racing firm will go on sale at auction later this month with hope that a single buyer will take on the American marque and move it forward.
EBR ceased operations earlier this year after being unable to secure the funding to repay over $20 million in outstanding liabilities. The sudden move left 126 employees out of work and saw the collapse of the firm’s World Superbike team.
Now, assets belonging to EBR will be sold at auction and it’s said there are a number of prospective buyers interested in buying the job lot with a view of reviving the American brand.
By law, the assets must be broken into segments to go on auction but if one buyer was to buy all available lots at auction, they would take on everything the company owned including the brand name and other intangible assets and intellectual property.
A statement issued by the firm read: “The sale of EBR assets has now been scheduled. It will be done in a bidding process on July 21st between a number of potential buyers at an event managed by the receiver. All bids are subject to court approval, scheduled for July 23rd.
“To be clear, this sale is not a selling off of individual pieces, but as it states in the court documents, it is selling off in large blocks as an ongoing concern of the sale. We are looking forward to moving ahead soon”.