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Post by benny on Feb 12, 2008 19:28:46 GMT -5
Holley Performance Files for Bankruptcy February 12, 2008 Holley Performance Products Inc., a century-old maker of specialty aftermarket parts, filed for bankruptcy, faulting a late 1990s expansion for saddling the company with too much debt according to the folks over at Bloomberg News.
The privately held company would be taken over by noteholders, according to an outline of a reorganization plan filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
The company, based in Bowling Green, Kentucky, listed debts of $243 million and assets of $106 million as of Jan. 28.
Holley will pay all general unsecured claims in full, according to an affidavit from Thomas W. Tomlinson, chief financial officer of the reorganizing company.
Holley and four of its affiliates filed for bankruptcy protection about two years after the company renegotiated the terms on part of the 12.5 percent notes that were due last year. Holley's majority shareholder, funds managed by Kohlberg & Co., quit providing the company the cash it needed to make interest payments, according to court papers.
Holley has about 390 employees in Kentucky, California and Mississippi who make carburetor and other fuel and air-systems parts with brand names including Hooker, FlowTech and Nitrous Oxide Systems
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Post by 65cuda on Feb 13, 2008 11:24:26 GMT -5
I like Elderbrock carbs. anyway
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