American IronHorse, an American custom V-twin manufacturer, is filing for Chapter 11 bankruptcy, a company official told Powersports Business.
In late February, three creditors had filed a petition to force American IronHorse into Chapter 11 bankruptcy. The three Dallas-area creditors said the motorcycle manufacturer owed them a total of $120,000.
On March 24, Jeff Long of American IronHorse said the company would file for Chapter 11 in response to the petition.
Long also said outside investors are currently looking at purchasing the Fort Worth, Texas-based manufacturer, which is currently owned by a number of investors.
“Hopefully one of these (outside) investment groups will step in and allow the bankruptcy progress to go extremely quickly,” Long said of the Chapter 11 filing.
Long said a number of core employees are still working at the company.
“We obviously want to be able to service our existing customers, continue to be able to supply parts and service,” he said.
Long said the company held a conference call with its dealers on March 20 and plans to continue to update dealers every two weeks via more conference calls.
“There’s still a hope for the company,” he said.
As recently as two years ago, IronHorse was one of the largest U.S. manufacturers of V-twin custom motorcycles. IronHorse was founded in 1995. Ten years later, IronHorse’s then-CEO told Powersports Business that the business had become profitable for the first time in company history. psb
Copyright 2008 Powersports Business