Global Motorsport Group agrees to sale with Dae-Il USA
February 1, 2008
Filed under Features
Global Motorsport Group, a distributor of aftermarket parts and accessories, is selling its assets to Dae-II USA, a manufacturer of parts for automobiles, forklifts and motorcycles.
The sale includes all of Global Motorsport’s U.S. operations, including Custom Chrome, Motorcycle Stuff, Jammer divisions and the stock of Global Motorsport Group GmbH, which manages all of Global Motorsport’s European operations, a company press release stated.
Global Motorsport Group filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code to make the sales process more efficient. The company and its lender agreed Global Motorsport Group will provide debtor-in-possession financing, subject to Bankruptcy Court approval.
The financing will allow the company’s operations to continue as usual. Global Motorsport Group says there won’t be any changes to employee numbers or facility locations. The sale is expected to be finalized in March.