Holley Performance Products Gets the Green Light to Exit Bankruptcy

Holley Performance Products, an auto parts maker based in Bowling Green, Kentucky, is scheduled to emerge from its Chapter 11 bankruptcy proceeding. Holley's Plan of Reorganization was approved by an Order of Confirmation entered by the Bankruptcy Court on June 7, 2010. Under the terms of the confirmed Plan, creditors holding Holley's $57.5 million of outstanding secured notes will receive the company's equity. Creditors with approximately $11 million in general unsecured claims are not projected to receive any recovery.

Holley has been in the business of selling performance aftermarket vehicle products for more than 100 years. Holley is involved with both NASCAR and NHRA racing. The company employs approximately 300 individuals.