PAUL TEUTUL SR., founder of Orange County Choppers Holdings, has filed for bankruptcy protection for his merchandising unit, and says he plans to liquidate its assets.
Hudson Valley Merchandising LLC listed $1.12 million in assets and $1.44 million in debts in papers filed Thursday in Poughkeepsie, NY.
The filing is limited to the merchandising business and does not involve the parent company, according to the New York Post.
Under Chapter 7 of the Bankruptcy Code a trustee will automatically be appointed to dismantle the company, sell its assets and distribute the proceeds to creditors.
The Teutuls’ “American Chopper” reality television show ended its run on the Discovery Channel in December.
Posted by Holly Wagner