Bob Bondurant School of High Performance Driving has announced that the United States Bankruptcy Court for the District of Arizona has approved the appointment of Timothy H. Shaffer of Clotho Corporate Recovery, LLC as its Chief Restructuring Officer (CRO). The CRO’s retention, which was approved by the Court on Wednesday, Nov. 21, is an important step in the school’s ongoing efforts to reorganize and position itself for sustained success.
The School is currently open and continues to hold driver-training courses during its reorganization, which was commenced when the school filed a voluntary petition for relief under Chapter 11 on Oct. 2.
According to the Order approving the CRO’s retention, Shaffer will assume management and oversight of the school’s business operations. Among his other responsibilities, Shaffer will negotiate with third parties in connection with investment and/or acquisition of the school, formulate a reorganization plan, collect and administer assets and liabilities of the School, and prepare monthly operating reports. Pat and Bob Bondurant, owners of the school, will serve as consultants during the restructuring efforts.
Based in Scottsdale, Arizona, Shaffer is the Managing Director and Principal of Clotho Corporate Recovery and is a Certified Turnaround Professional and Certified Insolvency and Restructuring Advisor. He has 26 years of experience providing consulting services in restructurings and reorganizations of distressed middle-market companies. During his career Shaffer has managed complex chapter 11 cases on behalf of debtors and creditors throughout the United States. He has served in corporate restructuring, private equity, consulting, and executive management roles, as well as the CRO and financial advisor for numerous companies.
“Pat and Bob Bondurant are equally committed to helping the school get back on track,” said Shaffer. “We’ve already begun working on restructuring initiatives that will help stabilize the School’s financial position. Our collective goal is to return the company to normal operations and ensure the School is a part of our local and national racing communities for many years to come. We’re especially looking forward to hosting the 2018 Road to Indy $200,000 Scholarship Shootout, which will be held at our school in December.”