Bankrupt Iron Horse Owes $5 million
I just read this on the bicycleretailer site.
"Three Asian factories for Iron Horse Bicycle Company have filed an involuntary petition for bankruptcy against the bike company in an effort to recoup more than $5 million in back debt."
The petition for relief under Chapter 7 bankruptcy protection was filed March 2 on behalf of Fairly Bike Manufacturing Co., Ltd, of Tuchen City, Taiwan, Shenzhen Bo-An Bike Co., Ltd., of Shenzhen, China, and Acetrikes Bicycle Co., of Taicang City, Taiwan, in the Eastern New York district of U.S. Bankruptcy Court.
According to the filing, Iron Horse owes Fairly $1.44 million; Shenzhen $2.76 million; and Acetrikes $942,500, and did not pay debts as they became due."
I'll have a ring around this morning to try and find out any more infomation, in the meantime you can check the full story on bicycleretailer.
Bankrupt downhill mountain bike company Iron Horse Owes $5 million