Holley Performance Products Inc. filed for Chapter 11 protection Monday after agreeing with major creditors on a plan to lighten its debt load, reports the Associated Press.
Papers filed in the U.S. Bankruptcy Court in Wilmington, Del., say Bowling Green, Ky.-based Holley has votes of support for its Chapter 11 restructuring plan from the majority of its secured noteholders.
Perhaps on of the most recognized makers of specialty products for the performance automotive and power sports replacement markets, Holley carburetors still power NASCAR fields.
Documents filed in court report that the company still generates an operating profit, but positive cash flow has for years gone to pay interest on its debt.
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