Holley Filed Bankruptcy

Holley Filled Bankruptcy

 

Well, it's not hard to believe, at least as far as their carbs go.

The market is flooded with rebuildable cores and new ones have gone STUPID HIGH in price over the past few years.
Used to be cheap enough to buy a new carb when you needed one.
Now you gotta take out a second mortgage!

 

Don't forget they also own NOS, Hooker, Flowtech, Weiand, Earl's also.

 

I think they own weber too.

 

they filed it in a court right here in wilmingtion DE, about 20 miles away

 

Another casualty of the "global economy". Thanks NAFTA and the people in Asia working daily for food money. We are used to this in Detroit.

 

I sold a car to buy the dp I have now

 

My Edelbrock 1604 had "weber" etched into the bottom of it...Does Holley own Weber also?

 

serves em right. i'm never gonna hear the end of it from Pop and his friends with their world famous "holley vs. edelbrock" spills

 

Yea thats what they get for building a product that nearly lasts forever!!

 

Hi, My name is Jay McFarland and I am a Sr.Product Manager at Holley. I found this post and would like to shed a little light on the subject. The “bankruptcy” word sounds harsh, but Holley is fine. Please read the official press release below and then there are further comments below that.


BOWLING GREEN, KENTUCKY, February 11, 2008 - Holley Performance Products Inc. (the “Company”) announced today that its Owner/Investors have overwhelmingly approved a plan to dramatically enhance the Company’s capital structure by converting a majority of the Company’s debt into equity.

Thomas W. Tomlinson, the Company’s Chief Financial Officer, said today that “This is a prudent financial move on the part of our Owner/Investors – it tremendously strengthens our Company’s financial position and provides substantial flexibility to invest in our future. This investment will allow the Company to realize its full growth potential and will maximize the value we can return to our investors. The actual conversion of debt into equity will be accomplished through a “Prepackaged” bankruptcy filing that will cancel-out the old capital structure and formally establish the new one. Customers, suppliers, and employees will not be affected.” Mr. Tomlinson emphasized that, “It will be “business-as-usual” at Holley throughout the restructuring process which we expect to be completed in as few as 45 days.”

James D. Wiggins, the Company’s Chief Executive Officer, went on to say that “We are very pleased with the transformation that has taken place here at Holley over the last several years. Today Holley is a lean and focused enterprise with strong customer relationships, significant technological capabilities, and diversified revenue sources. We have established a good track record of profitability and growth in enterprise value. This restructuring represents the culmination of tremendous effort on the part of the team at Holley and we are excited to share news of this successful program with you.”

Holley is a leader in the performance engine market, and is used throughout the world in racing, street, marine, and powersports. Holley’s family of companies includes the leading brands in the performance market including: Holley, Weiand, Hooker, FlowTech, Earl’s, and NOS.


So, what does this mean to you, the racer/enthusiast/consumer? It means that Holley will be a much healthier company and able to bring you better products, technology and support. This can now be done because we won’t be under the same financial constraints of the last few years.

Essentially, what has happened is that the original investment group will transfer ownership to the second tier of investors who were a minority owner. As a result, the debt we now owe is significantly less and puts us in a better position for the future.

This was intentionally structured this way so our vendors, employees and consumers wouldn’t be impaired in any way. It will be business as usual:

• Product will be available as always with no interruption in supply
• Race contingency and event sponsorship programs will continue as planned
• Technical service support via phone, e-mail and at track is unchanged
• All product warranty systems are continuing as normal
• New product development is ongoing and we expect to release several exciting new programs throughout the year and at SEMA/PRI.

I wanted to make sure everyone understood what this means and that it still means business as usual for Holley. Let me know if you have any questions.

Thanks and I am glad to be a part of the forum,
Jay

 

Thanks for the reply. As you can see many of us use Holley Products on our race cars and street cars. We have also found the Hooker Header to be one of the best fits for the Maverick/Comets also. Thanks again for clarifying this for us.

 

Jay thanks for taking the time to explain the situation.

 

That was cool of him

 

It is nice to know that the major manufacturers are watching this site and what goes on with our cars and our hobby. Thanks, Jay. Stay with us, as we are growing every day.