It’s All Becoming Clear
The blizzard of shame that became the situation surrounding Norton Motorcycles is starting to clear. Administrators BDO released its newest report. In it, it was revealed that there were three offers for Norton, TVS made the best offer. The company paid £15 million for intellectual property and £1 for equipment and stock, according to Motorcycle News.
As a part of the deal, TVS had to honor previously paid deposits. In order to do that, customers need to agree to transfer their deposits to the new business. If they don’t want to they can be reimbursed, but they will join the long list of creditors that are going to be reimbursed by BDO.
In addition to this, there are some bikes that were in the shop for warranty claims. Despite not having to do so by the deal for Norton, TVS has agreed to remedy at least some of these warranty claims.
More and more creditors are coming out of the woodwork. The numbers are exceeding the estimates released by BDO. The administrators said it plans to make a distribution to the unsecured creditors but it’s unclear how much it will be or when.
The good news here is that TVS is trying to do right by deposit holders and Norton motorcycle owners. The knot that Norton’s former boss tied the company in is slowly starting to come loose, so Norton Motorcycles can live on.