Associated Press (AP) has reported that high-performance auto parts
maker, Holley Performance, has filed again for Chapter 11 bankruptcy
protection. Holley Performance emerged from a prior prepackaged
bankruptcy plan on March 28, 2008.
Holley filed for the second time on Monday, after it was unable to
reach an agreement with its lenders. The lenders claim that
Kentucky-based Holley is near foreclosure and has defaulted on the debt
terms of its previous Chapter 11 reorganization plan.
According to the AP, Holley’s post-bankruptcy plan to focus on its
growing OE business did not pan out, and the company is now looking to
sell that division after a deal with Caterpillar for diesel truck
engines fell through.