Hero MotoCorp’s wholly owned subsidiaries and incorporated under the laws of Delaware, USA, ‘HMCL NA, Inc.’ and ‘HMCL Americas, Inc.’, have entered into a settlement agreement with the Receiver appointed by the Circuit Court, Wisconsin, US, in the matter filed by the Erik Buell Racing, Inc. and Erik Buell LLC.
As per the settlement agreement, HMCL Americas Inc. has agreed to acquire the ownership of certain tangible and intangible assets of the EBR Entities (as identified in the settlement agreement) free and clear of all encumbrances, for a consideration of $2.8 million. HMCL Entities and the Receiver have also agreed to resolve all disputes and fully give mutual releases in terms of the settlement agreement for all subject matters which is in any way related to EBR Entities.
The settlement agreement is, contingent upon the approval by the Circuit Court; and the approval of the board of directors of Hero MotoCorp, authorizing its joinder as a direct party to the settlement agreement on or before August 10, 2015.
