Everything seemed to be going on very good for Erik Buell after they had partnered with Hero, who had bought 49% stake in them until April 17th 2015 when disaster struck. It came as a shock, not just for the company, but also for everyone when EBR announced that they are closing the company as they went totally bankrupt due to very little/no funding. The company shut down immediately with just a post on Facebook explaining the reason for the closure of their company and even deleted their website.
In another news recently, EBR updated another status in Facebook stating that the company will be auctioned on July 21st. The status reads as follows: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. Then all bids are subject to court approval, scheduled for July 23rd. Looking forward to moving ahead soon!.
They further updated another status clearing out people's doubts about what exactly the auction is about-
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 sale.
The sale basically involves bidding for each EBR's property like unsold motorcycles, leftover parts inventory, and intellectual property, so that the company can meet it's debts to it's creditors.
The best thing that can happen now is a manufacturer/investor buying it altogether and reviving the brand. We badly want EBR to be back under a different ownership which would carry it's legacy. Follow us and we will keep you updated on the latest news about the same. We feel Hero can/should buy the EBR as a whole and start it all over again. Comment your opinions below:By: Rakesh Gowda