Holley Emerges from Chapter 11 in Less Than Two Months
According to a report from TheDeal.com
, Holley Performance Products has already emerged from bankruptcy.
Less than two months after filing for Chapter 11, the century-old maker of drag racing and stock car racing specialty parts has successfully completed its prepackaged bankruptcy plan. The company filed its prepackaged plan on Feb. 11. At the time, the Bowling Green, Ky., company listed $243 million in debts and $106 million in assets.
On March 5, Holley received final approval to borrow $60 million in secured financing for the prepackaged Chapter 11. The bankruptcy judge also allowed Holley to keep secret a list of 275 trade vendors whose claims will be paid in full even before the company emerged from bankruptcy, according to a report from Bloomberg.
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