The manufacturing assets of East Troy-based Erik Buell Racing have been sold to Liquid Asset Partners LLC
, based in Grand Rapids, Mich., for $2.05 million following an auction on Wednesday.
The motorcycle maker filed for receivership in April 2015 and closed its East Troy facilities after being unable to secure capital to continue operations. The move affected 126 workers, according to state records.
A total of 41 potential purchasers entered into confidentiality agreements when the receiver initially marketed Erik Buell Racing and 13 conducted site visits.
India-based Hero purchased the design consulting business for $2.8 million, leaving Erik Buell Racing's manufacturing assets to be sold.
The remainder was set to be sold for $2.25 million following an auction in August. When the buyer failed to secure financing a second auction was ordered. After issues with the timing of that auction, a third auction was ordered.
The third auction was held Wednesday and Walworth County Judge Phillip Koss approved the sale.
Tim Nixon, an attorney at Godfrey & Kahn, who represented Erik Buell Racing in the case, said while the company would have preferred a buyer that would have continued operations the first priority was to compensate those the company owed money to and that will be happening. Court records indicate approximately 850 creditors and parties-in-interest were given notice of the potential sale.