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T H E L E A D I N G B U S I N E S S M A G A Z I N E F O R T H E I N T E R N AT I O N A L C U S T O M M O T O R C Y C L E A N D PA RT S I N D U S T RY
Tucker Rocky and Biker’s Choice VP Kenan
Ikels addresses industry ‘Noise’ with
reorganization process dealer update
ddressing
the
company’s dealers, on
January 10th Tucker
Rocky/Biker’s Choice
VP Sales and Marketing Kenan
Ikels issued an update statement
concerning the group’s
reorganization plan under the
Chapter 11 filing process.
“On Wednesday, January 10th, Tucker
Rocky filed its Disclosure Statement
and Plan for restructuring our debt
with the bankruptcy court -this is a
major milestone. These documents
outline the legal structure of MAG and
Tucker Rocky upon emergence from
Chapter 11.
“Our goal was to move through this
process in 4 to 6 months while
conducting ‘business as usual’. We are
very much on target to accomplish
that. Soon, we will emerge from
Chapter 11 a much stronger
company.”
The 4 to 6-month timescale Ikels
referenced started when MAG filed on
November 15, 2017, as it sought to
achieve a $300m debt recapitalization
with new owners undertaking a debt
for equity swap. The new owners who
A
have taken 100 percent equity
ownership of MAG are New York
based Monomoy Capital Partners and
Contrarian Capital Partners, and
London based BlueMountain Capital.
Ikels continued: “I want to take a
moment to address our vendor
relationships. I know there has been
some ‘noise’ in the industry and I want
to ensure you are getting the facts. As
you would expect, the Chapter 11
working hard
to get vendors
paid in full
filing caused concern for many of our
vendors, and rightly so.
“But it’s important that you know that
we have been working very hard to get
our vendors paid in full. We are in the
final stage of securing ongoing
commitments with our vendors that
represent 99% of our revenue.
“Our business is built on a platform of
strong, personal relationships that we
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have every intention of maintaining.
Our vendors are our valued partners.”
Tucker Rocky Distributing had been
owned by Indianapolis based Lacy
Diversified Industries (LDI) since 1989.
Their entry into the Harley-Davidson
parts and accessory aftermarket came
in acquiring custom, performance and
service parts specialist NEMPCO (New
England Motorcycle Parts Company) in
1982. At the time NEMPCO was well
known for its Twin Power service and
speciality components programs and
Biker’s Choice brand accessories.
Under the leadership of industry
veteran Bob Kay, TR consolidated
NEMPCO in to their Texas
headquarters in 1997 and rebranded
it as Biker’s Choice in 1998. Two years
ago Biker’s Choice brought back the
Twin Power brand as a standalone
program under the expert
management of well-known former
S&S Cycle and Baker Drivetrain man
James Simonelli.
Commenting on the future Ikels says:
“Looking forward, the Tucker Rocky
and Biker’s Choice Dealer and Brand
Expo is taking place February 8-9, and
Continues on page 10 >>>
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