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Hero Motocorp, Indian largest two-wheeler manufacturer will acquire certain assets of Eric Buell Racing for $2.8 million as part of a settlement agreement with court appointed receiver in the bankruptcy matter of US based firm.
As per the Settlement Agreement, HMCL Americas Inc. has agreed to acquire the ownership of certain tangible and intangible assets of Eric Buell Racing (EBR) free and clear of all encumbrances, for a consideration of US$ 2.8 million. HMCL 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.
The Settlement Agreement is, inter alia, contingent upon the approval by the Circuit Court; and the approval of the board of directors of Hero MotoCorp, authorising its joinder as a direct party to the Settlement Agreement on or before August 10, 2015.
The settlement agreement will help teams to accelerate development of certain consulting projects, including the projects EBR was executing for the company.
News Source: Hero Moto Corp Press Release
As per the Settlement Agreement, HMCL Americas Inc. has agreed to acquire the ownership of certain tangible and intangible assets of Eric Buell Racing (EBR) free and clear of all encumbrances, for a consideration of US$ 2.8 million. HMCL 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.
The Settlement Agreement is, inter alia, contingent upon the approval by the Circuit Court; and the approval of the board of directors of Hero MotoCorp, authorising its joinder as a direct party to the Settlement Agreement on or before August 10, 2015.
The settlement agreement will help teams to accelerate development of certain consulting projects, including the projects EBR was executing for the company.
News Source: Hero Moto Corp Press Release
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