Feb. 1 (Bloomberg) -- TV star Paul Teutul Sr., founder of Orange County Choppers Holdings Inc., sought U.S. 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 Newburgh, New York. Its Hudson Valley Merchandising LLC listed $1.12 million in assets and $1.44 million in debts in papers filed yesterday in Poughkeepsie, New York. The parent company didn’t file.
Under Chapter 7 of the U.S. 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 decadelong 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.