A motorcycle-products company controlled by Indianapolis-based business-holding firm LDI Ltd. LLC has filed for Chapter 11 bankruptcy after racking up about $440 million in debt. And its reorganization plan calls for replacing LDI as majority owner, the Indianapolis Business Journal reported. Motorsport Aftermarket Group (MAG) and its 18 affiliated companies filed the bankruptcy plans on Wednesday in Delaware. The Coppell, Texas-based company also disclosed a recapitalization plan that it says is expected eliminate about $300 million in debt. MAG is a manufacturer, distributor and online retailer of aftermarket products for the powersports industry. LDI has been involved with a MAG’s predecessor company since 1989 and took over majority ownership through a merger in 2014. LDI owns 59 percent of the company, according to bankruptcy documents.
