Holley in trouble too

[MR.hp]

this was on Drag Racing on line

Rumors of Holley’s death are greatly exaggerated
The Internet bulletin boards are rife with the rumor that the Holley company. which has gone through some tough times recently including filing for bankruptcy protection, is closing its doors permanently.

A call to Holley from DRO got the news that the company is indeed not closing but re-organizing under bankruptcy rules again and paying off some of their outstanding debt with shares of the Holley Company. DRO’s parent company, Racing Net Source LLC, has taken a contract from Holley for advertising with no pre-conditions for the rest of this year.

“What all of us in this industry need to do is reach out and help our peers whenever and however we can until the economy gets back on its feet. Losing jobs and a company like Holley is unacceptable,” said Racing Net Source CEO Jeff Burk. [2/25/2009]

[MR.hp]

Just read that Holley did file for bankruptcy, How many others will bite the dust this year.

[98 cobra s/c]

Just read that Holley did file for bankruptcy, How many others will bite the dust this year.

holley is big time, but everything is fuel injection now. I know they do have other products but maybe thats not enuf. also, there is so many used carbs out there that no one has to buy new..... but it's a shame to have this happen to prolly the biggest icon in auto history ever...

[MR.hp]

holley is big time, but everything is fuel injection now. I know they do have other products but maybe thats not enuf. also, there is so many used carbs out there that no one has to buy new..... but it's a shame to have this happen to prolly the biggest icon in auto history ever...

If everything is FI. then why is NHRA and NASCAR still using carbs?.

[98 cobra s/c]

If everything is FI. then why is NHRA and NASCAR still using carbs?.

do you take everything literaly or what????:shitsweak:

[MR.hp]

Now they might be filing again


WILMINGTON, Del., Sept 28 (Reuters) - Holley Performance Products, a maker of high-performance carburetors and automotive fuel-injection systems, filed for bankruptcy on Monday, its second filing in less than two years.

The privately held company, which is a major supporter of drag racing and NASCAR racing, said in court documents that sales have fallen as much as 40 percent since it emerged from bankruptcy last year.

In addition, the company's business supplying emission control components to vehicle makers suffered as a major customer, Caterpillar Inc, discontinued a line of truck engines.

Thomas Tomlinson, the company's co-chief executive and chief financial officer, said in court documents that Holley has been negotiating with holders of the company's first-lien secured debt to restructure its finances.

The company rejected a forbearance proposal by debt-holders including Wells Fargo Foothills Inc, as the administrative agent, and Regiment Capital Special Situations Fund IV LP, which Tomlinson said would have taken $2.5 million out of the business.

Tomlinson said the debt-holders told the company they would consider foreclosing on the company's assets if an agreement could not be reached last week, which prompted Holley to seek Chapter 11 protection from creditors.

The company was founded more than 100 years ago and its brands include Flowtech, Weiand, Nitrous Oxide Systems and Hooker.

Holley filed for bankruptcy in early 2008 and transferred its equity to holders of $95 million in second-lien debt.

The case is In re Holley Performance Products Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-13334. (Editing by Maureen Bavdek)