TV star Paul Teutul Sr., founder of Orange County Choppers Holdings Inc., sought chapter 7 bankruptcy for his merchandising unit with plans to liquidate its assets, Bloomberg News reported on Friday. The family-run custom-built motorcycle company operated by Teutul and his son, Paul Jr., is based in Newburgh, N.Y. Its Hudson Valley Merchandising LLC listed $1.12 million in assets and $1.44 million in debts in papers filed in court on Thursday. The parent company did not file.
