Iron Horse Situation Escalates
US/UK (derailedonline.com) - Light of the dire financial situation of Iron Horse bikes came to light this year. Details of their huge debt has grown and grown as investigators dig deep in to the company.
Reports have already been published that the company owes some $17million to various creditors that include bike manufacturers, designers, suppliers, etc. The largest debts are to the bike manufactures overseas where Iron Horse got their frames manufactured.
Just reported by BikeBiz, the events have escalated to the point of a container in the UK full of Iron Horse bicycles being seized upon entry into the UK. The company, Genesis Forwarding Agents, has seized a container in response to monies reportedly owed to them by the US bike company.
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Posted on May 21, 2009 11:35:26 -0400 by Brady.