Administrators handling the affairs of Norton Motorcycles that collapsed under the leadership of Stuart Garner recently published an update of the latest developments.
When Norton Motorcycles went into receivership they owed Martins Bank over £4 million and left many dealers and would be owners without their machines despite having left large deposits on them. The Indian company TVS who acquired Norton for a reputed £16 million have already refunded many creditors including Martins Bank who have been repaid in full, and have promised to supply machines to everyone who had left deposits as soon as production recommences. They have also published a document explaining how the money will be distributed to the many creditors. TT legend John Mc Guinness is still owed around £60,000 for his services.
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