The country's largest two-wheeler maker Hero MotoCorp 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 the US-based company.
The settlement agreement was signed between HMCL (NA) Inc and HMCL Americas Inc -- both entities of Hero MotoCorp Ltd (HMCL) -- and the receiver appointed by the Circuit Court, Wisconsin, US, in the bankruptcy matter filed by Erik Buell Racing (EBR) and Erik Buell LLC, the company said in a filing to the BSE.
"As part of the settlement, the HMCL Americas has agreed to acquire the ownership of certain tangible and intangible assets of EBR Entities, free and clear of all encumbrances, for a consideration of USD 2.8 million," the company said.