Huffy, a 115-year-old US bicycle maker and one of the country’s best-known brands, looks set to fall into Chinese hands.
Huffy is to reorganise, allowing its Chinese suppliers and a firm linked to the Chinese government to raise their shareholding to 51% over five years.
Famous for its BMX stunt bikes, Huffy ran into problems after it bought Canada’s Gen-X in 2002 and is currently under bankruptcy protection.