Hero MotoCorp Signs Agreement to Acquire EBR’s Consulting Assets

Soon after the news of Hero MotoCorp probably gaining the possession of Erik Buell Racing went viral over the internet, we have received another news which says that the American division of Hero MotoCorp has officially signed an agreement with EBR in order to acquire its tangible and intangible assets. According to the reports, HMCL NA, Inc. and HMCL Americas, Inc. (both wholly owned subsidiaries of Hero MotoCorp Ltd.) have entered into a “Settlement Agreement” with the “Receiver” appointed by the Circuit Court, Wisconsin, U.S.A. in the matter of Chapter 128 Receivership filed by the Erik Buell Racing, Inc. and Erik Buell LLC (“EBR”).

The settlement agreement depends upon the approval of the Circuit Court and the board of directors of Hero MotoCorp to authorize the joining procedure as a direct party on or before August 10, 2015. The performance of the Settlement Agreement will help Hero MotoCorp’s in-house research and development teams to accelerate development of certain consulting projects, including the projects EBR was executing for the Company at the time of filing of the Chapter 128 Receivership.

EBR Inc., in which the company has an equity investment, and EBR Inc.’s subsidiary EBR LLC had ceased their operations with effect from April 15, 2015 and had filed for the Chapter 128 Receivership before the Circuit Court. The notice of motion with regards to the Settlement Agreement will be filed in the Circuit Court in the next few days.