Bike company seeks bankruptcy protection | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Bike company seeks bankruptcy protection

Businesses in Oklahoma and other areas of the country typically set certain goals that they would like to meet. In order to meet many of these goals, these businesses need to invest in research and development. Unfortunately, debt can prevent them from making this investment. A company in another state is hopeful that its decision to file for bankruptcy will allow it to focus on the future.

The company, Niner Inc., manufactures bicycles. It was founded in 2004 by two men, one of which has since left the company. In late November, the company announced that an investment company would be purchasing it. However, the company filed for Chapter 11 bankruptcy soon after.

In court papers, the company indicates that it has $7.9 million in liabilities and $9.8 million in assets. According to the remaining founder, and current president, the bankruptcy filing will allow the sale to go through more efficiently. The company, while profitable, has been focused on paying interest and the principal on debts over the last few years. The company is hopeful that its current decision will allow the company to focus on research and development in the future, allowing it to be more competitive.

While some people in Oklahoma may think that filing for bankruptcy in order to achieve more financial success seems counterintuitive, doing so often allows businesses to better manage their debt. The decision to seek such protection is often a difficult one that requires a great deal of consideration. Fortunately, attorneys with experience with such proceedings can provide the necessary guidance to allow decision makers to fully understand the options available to them.

Source:, "Niner files for bankruptcy ahead of planned sale", Stephen Frothingham, Nov. 29, 2017

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