The owner of two V-twin dealerships has purchased American IronHorse out of Chapter 11 bankruptcy, according to a published report.
Scott Meyers, who owns dealerships in Montana and Minnesota, purchased the V-twin manufacturer for $6.7 million, according to the Star-Telegram.
The V-twin manufacturer filed for Chapter 11 after its sales drastically fell in the past couple of years, from $96 million in 2005 to $25 million last year.
Meyers told the newspaper that he was using $2.5 million of his own money and a $6.7 million line of credit from Textron Financial, IronHorse’s main lender, to purchase the Fort Worth, Texas-based distributor.
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