Eric Buell Racing assets bought by Atlantic Metals LLC

New Jersey-based Atlantic Metals Group LLC is the new owner of Eric Buell Racing, after buying the company for $2.25 million (about Rs 14 crore) at auction.

Atlantic Metals specializes in products for architectural lighting and had no bidding competitor to acquire EBR assets. Under the terms of the auction, Atlantic Metals has acquired all of Eric Buell Racing’s manufacturing assets including machinery, tools, trademarks, patents and databases.

Hero MotoCorp Ltd has already taken over Eric Buell Racing’s consulting business for $2.8 billion (over Rs 17 crore). The projects and research in question are reported to be unfinished consulting work Eric Buell Racing was doing for Hero MotoCorp as a client.

EBR however, has about $20.4 million in liabilities and EBR’s receivership proceedings will mean only a fraction of debts will be squared off. It will be up to the new owner of EBR to reconcile those debts with creditors.

Atlantic Metals CEO Bruce Belfer is reported to be an avid biker and intends to restart EBR’s manufacturing soon. But his task will be a tough one, convincing vendors, dealers and consumers to continue to do business with the new EBR.