December 18, 2025 - Rad Power Bikes has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Washington facing $73 million in liabilities with $32 million in assets.
The company owes U.S. Customs and Border Protection over $8 million for tariffs, Bangkok Cycle Industrial Co. Ltd. over $5 million, Lisa Gore $3.2 million for subrogation and multiple other unsecured creditors – full list here.
Founder Mike Radenbaugh hold the largest equity in the company at 41.3%. The filing indicates that no funds will be available for distribution to unsecured creditors after administrative expenses are paid.
The move follows challenging times that saw the company file a Worker Adjustment and Retraining Notification (WARN) on Nov. 7 with the Washington state Employment Security Department indicating the pending loss of 64 jobs at its headquarters – read more here.
Then on Nov. 24 the U.S. Consumer Product Safety Commission (CPSC) issued a warning for consumers to immediately stop using lithium-ion batteries for Rad Power Bikes e-bikes, model numbers RP-1304 and HL-RP-S1304, because the batteries pose a risk of serious injury and death – read more here.
According to a company statement, “Our goal is to keep the company intact and preserve the relationships we have built with riders, vendors, suppliers, and partners. We are not giving up.”
Seattle-based Rad Power Bikes, a pioneer in mass-market e-bikes, was once touted as the most funded e-bike company in the world. Founded by Mike Radenbaugh and Ty Collins in 2007, Rad Power Bikes raised upwards of $324 million from notable investors including Fidelity Management & Research Company LLC, Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund, TPG’s multi-sector global impact investing strategy.
Read more in the Seattle Times here.
