NEWBURGH, NY – February 6, 2013 – (Motor Sports Newswire) – TV star Paul Teutul Sr., founder of Orange County Choppers Holdings, sought Bankruptcy Court protection for his merchandising unit with plans to liquidate its assets.
The family-run custom-built motorcycle company operated by Teutul and his son, Paul Jr., is based in the Hudson Valley town of Newburgh, NY.
Its Hudson Valley Merchandising LLC listed $1.12 million in assets and $1.44 million in debts in papers filed Thursday in Poughkeepsie, NY.
The parent company didn’t file.
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 decade-long run on the Discovery Channel in December.
It featured the antics and interactions between father and son in their New York state motorcycle shop.
Jonathan S. Pasternak, a lawyer representing the bankrupt company, didn’t immediately return a phone call seeking comment on the filing.
SOURCE: New York Post