Paul Teutul Sr., the founder of Orange County Choppers (OCC) has filed for Bankruptcy Court protection so he can liquidate the assets of OCC’s merchandising unit, Hudson Valley Merchandising LLC. OCC is known for building theme bikes by Paul Sr. and his son, Paul Jr. The family business became a “reality TV” hit when the Discovery Channel began airing episodes of “American Chopper”. The show ended its run in December. OCC is based in the Hudson Valley town of Newburgh, NY.
To be clear the parent company Orange County Choppers is not filing for bankruptcy, only Hudson Valley Merchandising LLC. In the papers filled in Poughkeepsie, New York; Hudson Valley Merchandising LLC listed $1.12 million in assets and $1.44 million in debts. Chapter 7 of the Bankruptcy Code requires that a trustee be appointed to sell the assets and pay creditors.
Source: New York Times
Posted by Sam Kanish