Summit Collective: Affiliate Chapter 11 Tracks Rad Asset Sale

Summit Collective, Inc., a Washington corporation registered in Yakima, filed a chapter 11 petition on December 15, 2025, in the U.S. Bankruptcy Court for the Eastern District of Washington. Summit Collective is a debtor affiliate of Rad Power Bikes Inc. (Case No. 2:25-bk-02183), the Seattle-based electric bicycle manufacturer and direct-to-consumer retailer. The two cases are jointly administered before Chief Judge Whitman L. Holt.

Summit Collective's own petition lists estimated assets of $0 to $50,000 and estimated liabilities of $0 to $50,000, with 1 to 49 creditors. Substantially all enterprise value resides with Rad Power Bikes, which reported consolidated assets of ~$32.1 million and liabilities of ~$72.8 million at filing. Summit Collective entered bankruptcy to ensure comprehensive administration of the corporate group as part of a Section 363 sale process that resulted in a $13.2 million winning bid from Life Electric Vehicle Holdings Inc. at auction on January 22, 2026.

Debtor(s)	Summit Collective, Inc. (affiliate debtor; jointly administered with Rad Power Bikes Inc.)
Court	U.S. Bankruptcy Court, Eastern District of Washington
Case Number	2:25-bk-02182
Petition Date	December 15, 2025
Judge	Hon. Whitman L. Holt
Related Case	Rad Power Bikes Inc. (Case No. 2:25-bk-02183)
Estimated Assets	$0 to $50,000 (standalone); ~$32.1 million (consolidated)
Estimated Liabilities	$0 to $50,000 (standalone); ~$72.8 million (consolidated)

363 Sale Process

Sale timeline and structure. The debtors announced a target sale completion within 45 to 60 days of the December 15, 2025, petition date. Hilco Corporate Finance was retained as investment banker to manage the sale process. The Section 363 sale encompasses both debtors' assets; Summit Collective's assets, to the extent they exist, are included in the broader transaction.

The first-week docket included an order approving bid procedures and an interim cash collateral order, both entered December 18, 2025, with a final hearing set for January 30, 2026. A notice of sale free and clear was later filed on December 31, 2025, setting the same January 30 hearing date for sale approval.

Auction results. An auction was held on January 22, 2026, with five qualified bidders participating. The opening bid was $8 million. Competitive bidding drove the price to a winning bid of $13,276,102 in cash, with total value including assumed liabilities of ~$14.9 million.

Chapter 11 petitions filed	December 15, 2025
Hilco Corporate Finance retained	December 2025
Auction conducted (five bidders)	January 22, 2026
Sale approval hearing	January 30, 2026
Expected closing date	February 13, 2026
Final closing deadline	February 27, 2026
Contract/lease assumption deadline	March 6, 2026

Winning bidder. Life Electric Vehicle Holdings Inc., headquartered in Deerfield Beach, Florida, is a publicly traded developer, manufacturer, and distributor of light electric vehicles. Life EV previously acquired Harley-Davidson's Serial 1 e-bike brand. The sale remains subject to bankruptcy court approval.

Backup bidder. Xander Bicycle Corporation (d/b/a Retrospec), based in Southern California, submitted a backup bid of $13 million.

Assets included and excluded. The sale includes remaining inventory, trademarks and patents, accounts receivable, equipment, computers, software, and selected contracts and leases. Cash is excluded from the sale. Life EV agreed to assume warranty claims, inventory in transit, issued gift cards, and accrued employee PTO for retained staff.

Transaction economics. The reported winning bid of $13,276,102 and backup bid of $13,000,000 created a spread of $276,102 at the top of the auction. Public reporting also described total value of about ~$14.9 million including assumed liabilities, indicating that assumptions were part of overall consideration in addition to the cash purchase price.

Value context. The $13.2 million winning bid compares to a peak valuation of $1.65 billion in late 2021 and more than $329 million in total capital raised. The filing states that no funds are expected to be available for distribution to unsecured creditors after administrative expenses.

At filing, reported liabilities of ~$72.8 million exceeded reported assets of ~$32.1 million by roughly ~$40.7 million. Against that balance sheet, a $13.2 million cash outcome in the auction supports the filing disclosure that unsecured creditors were not expected to receive distributions after administrative and senior claims.

Public reporting on the sale calendar set January 30, 2026 for the sale approval hearing, February 13, 2026 for an expected closing date, and February 27, 2026 as an outside closing date. The reported lease-assumption decision date of March 6, 2026 also indicates that some operational contract decisions were scheduled post-hearing as part of closing implementation. Those dates placed most material case milestones within roughly eleven weeks of the petition date.

Court Process in the Jointly Administered Case

Joint administration and case controls. On the petition date, the debtors sought joint administration, and the court entered an order granting joint administration. The court then entered a case management order and a scheduling order establishing periodic status conferences and omnibus hearing procedures.

Liquidity and sale-track relief. The debtors filed an emergency cash collateral motion and an emergency bid procedures and sale motion on December 15, 2025, then obtained interim relief three days later. This sequencing put liquidity authority and sale process authorization on parallel tracks at the beginning of the case.

Lease and contract rejection activity. The debtors sought to reject selected non-residential real property leases and abandon de minimis personal property in the lease rejection motion, including specific Vancouver, St. Petersburg, and Seattle premises identified in the filing. Additional personal property lease rejection and contract rejection motions followed in January 2026.

Professional retention expansion. The docket reflects an expanded special counsel roster in January and February 2026, including filings related to Barnes & Thornburg, Haynes and Boone, and AMPACC. Those filings indicate a broadened workstream beyond first-day operations as the sale process matured.

Corporate Structure and Background

Summit Collective's role. Summit Collective is identified in bankruptcy filings as a debtor affiliate of Rad Power Bikes Inc. The precise nature of the affiliate relationship -- whether Summit Collective is a parent holding entity, a subsidiary, or a sibling entity -- is not detailed in publicly available sources. Its minimal standalone balance sheet ($0 to $50,000 in assets and liabilities, 1 to 49 creditors) is consistent with a corporate holding or organizational role rather than an operating company.

Registered address. Summit Collective is registered at 15 N. Naches Avenue, Yakima, WA 98901. This address is distinct from Rad Power Bikes' operational headquarters in Seattle. Yakima is the city where founder Mike Radenbaugh began building electric bikes during high school around 2007.

Joint administration. The two cases are jointly administered under the Rad Power Bikes case number. Both entities share the same legal team — Armand J. Kornfeld and Aimee S. Willig of Bush Kornfeld LLP — and the same CEO, Angelina M. Smith, as petition signatory.

The jointly administered structure also aligns case milestones across both debtors, including the sale process calendar and hearing schedule. Public reporting identified an April 14, 2026 plan deadline in the Rad filing, which frames a compressed timetable for remaining chapter 11 steps if the sale closes on the expected timeline.

Rad Power Bikes: the operating entity. Rad Power Bikes Inc. is the operating company behind the Rad Power Bikes brand, a Seattle-based manufacturer and direct-to-consumer retailer of electric bicycles and accessories. Founded by Mike Radenbaugh in 2007, the company scaled after co-founder Ty Collins joined in 2015. Rad Power sold e-bikes through radpowerbikes.com, company-owned retail stores, Best Buy, and independent bike shops.

Funding history and equity. The company raised more than $329 million in total funding, including a $150 million round in February 2021 and a $154 million round in October 2021 that achieved the $1.65 billion peak valuation. Major investors included Fidelity Management & Research, T. Rowe Price Associates, Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners LP, and The Rise Fund (TPG). At filing, equity was held by Mike Radenbaugh (41.3%), VCVC V LLC (6.6%), Durable Capital Master Fund LP (5.8%), and other minority holders (46.3%).

Path to Financial Distress

Summit Collective's filing is driven entirely by its relationship to Rad Power Bikes. The underlying causes of distress originate with Rad Power Bikes' operations.

Post-pandemic demand decline. Revenue declined from a pandemic-era peak of ~$318 million in 2021 through $129.8 million in 2023, $103.8 million in 2024, and $63.3 million in 2025 year-to-date through November. This represented an approximately 80% decline from peak revenue.

Import tariff burden. The single largest unsecured creditor is U.S. Customs and Border Protection at $8,363,749 in unpaid import tariffs. The company's e-bikes and components were manufactured by Asian suppliers — Bangkok Cycle Industrial Co. Ltd. (Thailand, $5,353,674 in trade debt), Jinhua Vision Industry Co. Ltd. (China, $1,414,356), and Fuji-TA Fushida Group Area (China, $1,223,881).

Battery safety crisis. In November 2025, the U.S. Consumer Product Safety Commission issued a warning urging consumers to stop using certain Rad Power Bikes battery models due to fire and explosion hazards. Public reporting cited 31 fire incidents connected to the warning. Rad Power Bikes told the CPSC that offering full refunds or replacements would be "financially ruinous". The filing schedules include multiple personal-injury and subrogation creditors: Lisa Gore ($3,200,000), Commerce Insurance ($1,138,000), Steve Jay ($1,000,000), and Susan Luck ($1,000,000).

Leadership instability. The company had four CEOs in three years: founder Mike Radenbaugh (2007 to 2022), Phil Molyneux (2022 to early 2025), Kathi Lentzsch (appointed March 2025, departed after ~8 months), and Angelina M. Smith (elevated from CFO to CEO upon filing; she had joined the company in April 2025).

Failed pre-filing alternatives and WARN notices. Prior to filing, the company pursued but failed to close a strategic funding or partnership transaction. In November 2025, WARN notices were issued to 64 Seattle-area employees regarding potential layoffs in January 2026.

Headcount and operating contraction. Public reporting described a contraction from a peak workforce above 1,000 employees to about 100 employees around the filing period, with multiple rounds of layoffs beginning in 2022. The reported cost reductions did not prevent a continued decline in revenue through 2025, and the debtors pursued a chapter 11 sale process rather than an out-of-court restructuring.

Selected unsecured claims in the jointly administered case. Public reporting identified an unsecured creditor profile concentrated in tariffs, trade payables, and product-liability claims:

Creditor	Amount	Claim Type
U.S. Customs and Border Protection	$8,363,749	Tariff claim
Bangkok Cycle Industrial Co., Ltd.	$5,353,674	Trade debt
Lisa Gore	$3,200,000	Subrogation / product liability
Jinhua Vision Industry Co., Ltd.	$1,414,356	Trade debt
Fuji-TA Fushida Group Area	$1,223,881	Trade debt
Commerce Insurance	$1,138,000	Insurance claim

Frequently Asked Questions

What is Summit Collective, Inc.?

Summit Collective, Inc. is a Washington corporation registered at 15 N. Naches Avenue, Yakima, WA 98901, and identified in bankruptcy filings as a debtor affiliate of Rad Power Bikes Inc. The entity has a minimal standalone balance sheet — estimated assets and liabilities each in the $0 to $50,000 range — and appears to function as a corporate holding or organizational entity rather than an operating company.

Why did Summit Collective file for bankruptcy?

Summit Collective filed chapter 11 on December 15, 2025, the same day as its operating affiliate Rad Power Bikes Inc.. As a debtor affiliate with nominal assets and liabilities, Summit Collective entered bankruptcy to ensure comprehensive administration of the corporate group and to facilitate the joint Section 363 sale process.

What is Rad Power Bikes?

Rad Power Bikes Inc. is a Seattle-based manufacturer and direct-to-consumer retailer of electric bicycles and accessories. Founded by Mike Radenbaugh in 2007, the company raised more than $329 million in total funding and reached a peak valuation of $1.65 billion in late 2021. Public reporting described the brand as North America's largest direct-to-consumer e-bike company at its peak. Revenue declined from ~$318 million in 2021 to $63.3 million in 2025 year-to-date.

Who is buying Rad Power Bikes and Summit Collective's assets?

Life Electric Vehicle Holdings Inc., headquartered in Deerfield Beach, Florida, submitted a winning bid of $13.2 million at auction on January 22, 2026. Life EV is a publicly traded developer, manufacturer, and distributor of light electric vehicles that previously acquired Harley-Davidson's Serial 1 e-bike brand. The sale remains subject to court approval, with an expected closing between February 13 and February 27, 2026.

Did Summit Collective have material standalone operations?

Public sources describe Summit Collective as an affiliate debtor with a nominal standalone balance sheet. The petition-level ranges for Summit Collective were $0 to $50,000 of assets and $0 to $50,000 of liabilities, while the operating business metrics, unsecured claims, and sale process were reported at the Rad Power Bikes enterprise level in the jointly administered case. This reporting pattern is consistent with Summit functioning as a corporate entity within the group rather than a separate operating platform with independent revenue and creditor constituencies.

Are unsecured creditors expected to recover in this case?

Public reporting on the filing states that unsecured creditors were not expected to receive distributions after administrative expenses. Reported unsecured claims included tariff debt, trade payables, and product-liability related claims, while the winning bid in the sale process was $13.2 million in cash. Identified unsecured claims included an $8,363,749 tariff claim by U.S. Customs and Border Protection and multimillion-dollar trade claims from suppliers, including Bangkok Cycle Industrial Co., Ltd.

What caused Rad Power Bikes' financial distress?

The filing followed a period of declining revenue — from ~$318 million in 2021 to $63.3 million in 2025 year-to-date — driven by post-pandemic e-bike demand contraction. Additional factors included $8.36 million in unpaid import tariffs owed to U.S. Customs and Border Protection, a CPSC battery fire safety warning issued in November 2025, four CEOs in three years, and a failed strategic funding transaction prior to filing.

What will happen to Rad Power Bikes customers and warranties?

Life Electric Vehicle Holdings agreed to assume warranty claims as part of the proposed asset purchase, along with issued gift cards, inventory in transit, and accrued employee PTO for retained staff. The sale remains subject to court approval, and the scope of ongoing customer support under new ownership has not been specified.

How is Summit Collective's case related to Rad Power Bikes' case?

The two cases are jointly administered under the Rad Power Bikes case number before Chief Judge Whitman L. Holt. Both entities share the same legal counsel (Bush Kornfeld LLP) and CEO (Angelina M. Smith). The sale process, motions, and hearings are administered through the primary Rad Power Bikes docket.

Who is the claims agent for Summit Collective?

A claims and noticing agent has not been identified in publicly available sources for the Summit Collective case. Given the joint administration with Rad Power Bikes, creditors and parties in interest should monitor filings in Case No. 2:25-bk-02183 for noticing and claims administration information.

For ongoing coverage of chapter 11 cases, visit the ElevenFlo Chapter 11 Intelligence blog.