Hoonigan filed for Delaware’s Act 11 bankruptcy protection in America. In doing so, the company founded by Ken Block hopes to restructure its operations and exit the proceedings within two months under the majority ownership of a group of its current lenders.
It is also seeking to pay down $1.2 billion in debt and secure about $570 million in new capital, which it wants to complete as part of a restructuring support agreement it has already entered into with many of its debtors.
Hoonigan became the face of Wheel Pros in October 2023 as part of a rebrand. Wheel Pros — a company founded in 1994 that designs and sells aftermarket wheels, tires and accessories — merged with Hoonigan in September 2021, amid a flurry of post-pandemic acquisitions at a time when the company was experiencing tremendous growth, according to with CEO Vance Johnston.
Source: www.autoblog.gr
