Viper Motorcycle Company Withdraws IPO

Viper Motorcycle Company, based in New Hope, Minnesota, who builds the "Diablo Cruiser", one of the hottest looking production bikes around, withdrew its initial public offering last week due to increasing debt and losses. Production of the Diablo came to a screeching halt just shortly after it started. Viper received 300 orders for the Diablo in 2003.

The company is now trying to line up private financing with new investors and hopes it will kick-start the company by securing production resources and erasing most of its debt. John Lai, the chief financial officer and co-founder of Viper says the details are still being worked out, but that he plans to make an announcement within 30 days.