Global Motorsport Group, the parent company of Custom Chrome and Motorcycle Stuff, owes money to a lot of entities — more than 1,000, according to bankruptcy papers filed last week (RevTech Engine Maker Looks to Buy GMG).
Among the papers is a listing of creditors that hold the 35 largest unsecured claims. Taking the top spot is Susan Dodd of Cape Girardeau, Mo., with a promissory note worth $3.3 million.
Also listed are several well-known vendors: Warn Industries ($414,168), Belt Drives Ltd. ($272,104), Federal-Mogul ($234,324), Greenball Corp. ($191,528), S&S Cycle ($189,394), Daeil Industrial Co. ($148,922), Goodridge ($145,558), Arlen Ness Inc. ($116,733), D&D Performance ($106,947), Scorpion Exhausts ($106,937), BP Lubricants USA ($101,620), O'Neal/Azonic ($91,442), Motul USA ($89,180), Crane Cams ($88,867), Bel-Ray Co. ($85,207) and NGK Spark Plugs USA ($80,587).
In the petition for bankruptcy, Global says that as of late November 2007, it had liabilities of about $190 million. This number includes $8.6 million in accounts payable, $136 million in notes payable, $15 million in other accrued liabilities, and $29 million in other "noncurrent liabilities."
Global also says it had total assets of about $41 million (book value) as of late November. In a separate document, it claims to have had $19 million in inventory on Jan. 14 of this year.
As reported earlier, at the same time as its bankruptcy filing, Global announced that it would attempt to sell its assets to Dae-Il USA Inc., a wholly owned subsidiary of the Korean maker of RevTech engines. Subject to the court?s approval and other conditions, the selling price would be about $16 million.