MIDDLETOWN, R.I. — Vectrix Corporation, which filed for bankruptcy in September, announced Wednesday that it may soon have new ownership.

Under an asset purchase agreement, the electric, two-wheeled vehicle maker will sell most of its assets, including its stock ownership of its European subsidiaries to New Vectrix LLC, a Delaware limited liability company sponsored by GH Venture Partners LLC, an international private merchant-banking firm. New Vectrix will pay more than $5 million, including a cash payment of $1.75 million and $3.3 million in liabilities. New Vectrix also agreed to extend warranty coverage of up to $2 million on Vectrix vehicles previously sold to dealers and consumers.

While the purchase agreement is still subject to the bankruptcy court’s approval, Vectrix will continue normal business operations under the jurisdiction of the court. The company's subsidiary, Vectrix Poland Sp. z.o.o., also will continue to produce the Vectrix bike and will provide customers with accessories, spare parts and technical support.

"This transaction provides a platform to continue the Vectrix brand and its advanced electric vehicle technology. We want to express our appreciation to our partners and customers for their continued patience and support during this transition,” said Mike Boyle, CEO of Vectrix.

Vectrix Corporation was formed in 1996 to develop and commercialize zero-emission vehicle platform technologies focused on two-wheel applications.