Dorel Industries has bought the Iron Horse brand at Auction for the sum of $5.2 million.
The sale, due to be finalised today (July 15th), includes the brand’s inventory, trademarks and patents.
Iron Horse was allegedly forced to sell up due to owing three Asian suppliers a total of $5 million. Reports also suggest that the firm also owes $17 million to a number of unsecured creditors, as well as $4 million to the CIT Group.
According to Bike Radar’s report, several other companies also placed bids for the brand.
UK distributors Jim Walker will continue to take all warranty queries and work with the brand’s new owners.