Rad Power Bikes files for bankruptcy protection [Verge, The]
Morgan Stanley (MS)
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Source: Verge, The
Rad Power Bikes, the once dominant electric bicycle brand in the US, filed for Chapter 11 bankruptcy protection this week as it seeks to sell of its company. The move comes less than a month after Rad Power said it could not afford to recall its older e-bike batteries that had been designated a fire risk by the US Consumer Protection Safety Commission The bankruptcy, which was first reported by Bicycle Retailer , was filed in US Bankruptcy Court for the Eastern District of Washington, near the company's headquarters in Seattle. Rad Power lists its estimated assets at $32.1 million and estimated liabilities at $72.8 million. Its inventory of e-bikes, spare parts, and accessories is listged at $14.2 million, Bicycle Retailer says. It's a stunning reversal for the once leading e-bike company in the US . Mike Radenbaugh founded the company in 2015 after several years of selling custom-made e-bikes to customers on the West Coast. Rad Power quickly grew to over 11 distinct models, incl
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