Holley files for chapter 11 bankruptcy

Holley filed for chapter 11 bankruptcy yesterday...

http://www.portfolio.com/news-markets/national-news/ap/2008/02/11/holley-performance-files-for-ch-11

 

OUCH!!

Hope they get it sorted out.

 

Doesn;t holley own allot of other companies like lunatti, hooker, and others or am I not thinking straight?

 

wow, wonder how they got that deep in debt?

 

maybe i can talk them into selling me the rochester name since they haven't done anything with it since they bought it from edelbrock

 

Thats sad, I think they've been around since 1903, did fuel injection cause this?

 

They got that deep in debt just like the rest of the country. Inflation. High cost of materials, cheap shit from China etc. Bankruptcy isn't all gloom and doom. It can help company's rebuild. The company I work for (Dana Corp, major automotive supplier for those who don't know) just emerged from chapter 11, we trimmed off some fat and are coming back a more profitable company.

 

Wha??

 

Mallory weiand nos and earls i think also

 

Dunno about the other ones, but Lunati was part of Holley, but it is now a separate company. As others have said, hopefully they'll come out of this in good shape and operate profitably from there.

 

Doesn't suprise me too much. They make the worst carb on the market. I use mine as a door stop in the garage.

 

This is just the begining..................Not injection, but the ECONOMY.

 

Mallory is part of Mr.Gasket.

 

Chapter 11 is better than the company going under.Usually they rebuild at the expense of others,if your a supplier just try to get your invoices paid.You may get get paid but just pennys on the dollar.And if you were paid within 90 days of the filling you may end giving that money back.Not good for the supplier.

 

It must have been that fugly red/checkered 57 Chvey Convert that sunk them?

 

the article explains how they are "profitable". . . how the hell can you show a profit when your net worth is less than half of what you owe?

i wish em lotta luck... shame to see a company this old and respected die now

 

Global Motorsports (Custom Chrome) is doing the same thing. I guess it's a good way to clean things up and show more profit. Hard on yout suppliers (or former suppliers) though.

 

DAYYYYUM!!

 

Look how many big companies vanished after 1929. Chapter 11 is often times just a business ploy to cheat creditors. I guess time will tell.

 

Yep, The housing mess has not even hit yet. A hugh amount of ARM loan resets will really be hitting the fan intil April-June of this year. When they do watch out.

Spoke with a client of mine this week. Said his sales have turned of like a spigot since December.

 

I wondered that also, I'd like to try that one on my bank.

 

We had been in the retail shitcan for about two and a half months waiting for tax refund time to hit then of course the rebates were delayed. They are beginning to trickle in now and business has improved substantially. There are a lot of business people we know that has not made it and there will be more that won't make it before congress can get their shit together with the tax thing. The little man makes this economy run and he is being screwed. It is going to get worse before it gets better. Just my $0.02

 

so they are just regrouping and rebuilding? thats what Chapter 11 is?

 

Holley sold off Lunatti to Comp Cams last year.

 

I can tell ya first hand about this 90 day crap. Its also referedto as the Preferental Pay Preiod.

A few years ago I got smoked by local coal company owned by James River Coal Group out of Richmond Va. Lost 125K in the bankruptcy then months later get a nice little note from the trustee informing me that the last payement I recieved would have to be returned. WHY. Because it was issued inside the 90 day window proir to the filing, but actually paid for invoices that were outside the 90 day prior to filing.

Simply put I lost another 42K and the company never lost a days work.

In addition the company had some sub contractors mining some of thier coal. These contractors had the option of running thier supplies through James River Coal account. JRC then would in turn hold back the cost of supplies from the contractors bi-monthly check. Then JRC would pay the vendors.

You guessed it, JRC withheld hundreds of thousands of dollars from contractors checks and filed without paying the vendors for the supplies it withheld money for.

 

Trucked up

What's doubly frustrating/annoying is when you see these people on the street and they are not the bit ashamed they screwed you out of that money.

The etchics and morals in this country is kaputt.

 

Dude, you didn't have to bring that "thing" up
They beat me out of $500 when I fixed that pig after it hit a deer on Powertour
Maybe that's why I don't buy Holley products anymore...

 

Could be a good time to buy some stock soon and watch the company grow back up

 

I've won races, traveled far distances and had great reliability with my Holleys