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Holley Performance Products Inc., a leading designer, manufacturer and distributor of a diversified line of high performance automotive products, has successfully emerged from its voluntary Chapter 11 reorganization under the financial restructuring guidance of Carl Marks Advisory Group LLC.
Founded in 1903 by brothers George and Earl Holley, Holley Performance has continuously provided automotive aftermarket products that enhance vehicle performance through increased horsepower, torque, and drivability. Holley products have provided the flow of fuel and air to notable vehicles including the original Model T, World War II fighter aircraft, the hottest factory performance cars of the muscle car era, every NASCAR Cup Series race car, and the majority of winning NHRA Pro Stock race cars.
As a result of the company's reorganization, Holley Performance reduced its debt by $59 mm and secured new credit facilities with Wells Fargo Capital Finance, including a revolving credit facility that provides the company with the flexibility to continue its growth initiatives, as well as a 2nd lien exit facility from Ore Hill Partners. The company also successfully completed a §363 sale of its diesel OEM business to Navistar International Corp. during the bankruptcy.
"Carl Marks was an instrumental factor in our successful reorganization and was a critical value-added advisor for Holley and its stakeholders," said Tom Tomlinson, CEO of Holley Performance Products. "As a result of the reorganization, we now have a strong balance sheet and are well-positioned for continued growth in our core brands."
"With strong support from its stakeholders and Board, Holley was able to achieve a traditional stand-alone reorganization, which is remarkable in today's market," said Christopher K. Wu, Managing Director at Carl Marks. "It is a testament to the strength of the company's management team and enduring and iconic brand."
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