Erik Buell Racing Files for Bankruptcy Protection from Creditors

Erik Buell Racing Files for Bankruptcy Protection from Creditors

The US motorcycle maker, Erik Buell Racing, filed for bankruptcy protection from creditors. Hero MotoCorp had stake in the US-based company.

Plans of the Indian firm might be affected by this. New Delhi-based Hero had bought 49.2% stake in EBR in 2013 for USD 25 million. The Indian company also plans to market its products in the US with the help of the EBR network.

Two-wheeler giant Hero has made acquisitions because it wants to improve technological prowess. The company had entered into a technology sourcing pact with EBR back in 2012 with a plan to make stronger presence in the high-end bike segment. This step was part of the Pawan Munjal-led company's overall strategy to have multiple technology sources.

"Hero MotoCorp, with strong in-house R&D capabilities, remains confident that its future product line-up would not be affected despite EBR ceasing operations", said the company.

Centre for Global Innovation, Research & Design of the company will probably start operations in financial year 2015-16. About 600 engineers from India and around the world will be there.

Hero has been looking for technology partners since its separation with Japan's Honda Motor Co. Ltd. Hero had joined EBR in February 2012 and later formed a partnership with AVL and Italy's Engines Engineering.

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