By Wade Thiel
29 Formal Offers Were Received
It’s no secret that Norton Motorcycles has money issues. The company owes millions of dollars to various creditors. It essentially went bankrupt and now UK administrators are helping the company through that process. It is quite likely that the company will be bought by either another company or a single investor.
According to a report by the UK government on Norton Motorcycles, there were 331 interested parties. Of those parties, only 169 filed the necessary NDAs. Of those 169 parties, only 29 formal offers were received. The ones with the best chance needed to meet a March 25th deadline. At this time, there is no more information about what will happen or has happened with those offers.
If none of those offers is accepted by BDO (who is doing the administration), then the company will be dissolved and its assets liquidated. In effect, Norton Motorcycles will cease to exist. If, however, one of those 29 formal offers is actually accepted, the company will remain an entity, and it will start anew and hopefully be able to come back from its current state.
It would seem that Norton Motorcycles has a chance. It was selling bikes, but it appeared to be horribly mismanaged by the CEO and others within the business. All of this led to it owing millions to creditors, running fraudulent pension schemes, and doing nefarious and horrible things to customers bikes. It will be interesting to see what happens with Norton. I hope someone can take this brand and do amazing things with it.
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