MAG/TR Emerges from Chapter 11
Tucker Rocky/Biker’s Choice and MAG have announced that they have now emerged from the restructuring process they initiated with the bankruptcy courts in November 2017.
Addressing their dealers primarily, Kenan Ikels, Tucker Rocky Sales & Marketing VP, released a statement saying that “we are pleased to report that on March 29, Motorsport Aftermarket Group (MAG) and Tucker Rocky Distributing received confirmation of its Plan of Reorganization from the bankruptcy court and successfully emerged from chapter 11 on Friday, March 30, 2018.
“Our goal was to move through this process quickly, emerging within 4 to 6 months, and that is exactly what we have done. We recognize that this process has not been without its challenges, and we are grateful for your support and patience as we have moved through the restructuring.
“Now we are standing on solid financial footing and are a stronger and more competitive company. This makes us a more secure and reliable partner, and we look forward to continuing our work together.”
Speaking to the future, Ikels went on to say that “upon emergence we are under new ownership led by Monomoy Capital Partners, Blue Mountain Capital and Contrarian Partners. These companies have extensive experience with businesses such as ours and are committed to Tucker Rocky Distributing.
“They recognize our strength in the market and believe in the value of our company as a whole. This means that we do not anticipate any significant changes in our strategic direction, priorities or organization structure, and you can be assured of continuing to work with your normal Tucker Rocky sales representatives and contacts. It is business as usual!”
Although the process has created issues for many of the vendors who supply the company, a market shaken by three years of declining sales and still haunted by the trauma of prior distributor filings will be relieved that this process has been one that has largely gone as smoothly as could have been hoped for.