Quote Originally Posted by mach1joe View Post
Besides Crane filing chapter 7 , Holley filed chapter 11 on Tuesday. The leaves are starting to hit the ground.
According to Bloomberg, it's for debt restructurring. Seems curious that both Holley and Crane did fine when they were a family owned and operated company, but both developed cash problems when they became huge corporations run by a board of directors. Maybe bigger isn't always better???


Quote from Bloomberg:


``Employees will not be affected by the bankruptcy, and the company will continue operations as normal,'' Tomlinson said.

Holley's customers include Ford Racing and GM Performance Parts. The company is a sponsor of the National Hot Rod Association and has a program that supports the National Association for Stock Car Auto Racing, (Nascar), according to court documents.

The company was founded in 1903 by brothers George and Earl Holley, who designed a carburetor for the Ford Model T called the Iron Pot. Later, Holley built engine parts for planes during World War II, according to the company's Web site.

Under a deal negotiated with 70 percent of the company's second-lien noteholders, Holley would pay its general unsecured creditors, such as trade vendors, in full and give almost all its equity to the noteholders, according to a description of the reorganization plan, called a disclosure statement, filed today.

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