BOWLING GREEN, Ky. — The Associated Press (AP) has reported that high-performance auto parts maker, Holley Performance, has filed again for Chapter 11 bankruptcy protection. Holley Performance emerged from a prior prepackaged bankruptcy plan on March 28, 2008.
Holley filed for the second time on Monday, after it was unable to reach an agreement with its lenders. The lenders claim that Kentucky-based Holley is near foreclosure and has defaulted on the debt terms of its previous Chapter 11 reorganization plan.
According to the AP, Holley’s post-bankruptcy plan to focus on its growing OE business did not pan out, and the company is now looking to sell that division after a deal with Caterpillar for diesel truck engines fell through.
