{"id":97575,"date":"2024-09-10T14:36:03","date_gmt":"2024-09-10T21:36:03","guid":{"rendered":"https:\/\/www.racingjunk.com\/news\/?p=97575"},"modified":"2024-09-10T14:43:40","modified_gmt":"2024-09-10T21:43:40","slug":"hoonigan-files-for-chapter-11-restructures-for-long-term-growth","status":"publish","type":"post","link":"https:\/\/www.racingjunk.com\/news\/hoonigan-files-for-chapter-11-restructures-for-long-term-growth\/","title":{"rendered":"Hoonigan Files for Chapter 11, Restructures for Long-Term Growth"},"content":{"rendered":"
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Photo: Hoonigan<\/figcaption><\/figure>\n

The famed decal on the back of so many RWD beaters is doing a little restructuring, financially, that is. Wheel Pros, LLC, doing business as Hoonigan, a major player in the aftermarket automotive industry, has begun a financial restructuring process that aims to secure its future as a market leader. Hoonigan\u2019s restructuring, which includes Chapter 11 proceedings, follows a Restructuring Support Agreement (RSA) made with the majority of its debt holders, and is set to eliminate approximately $1.2 billion in debt. Moreover, the company is set to receive up to $570 million in new capital, allowing it to significantly strengthen its balance sheet and refocus on innovation and growth.<\/p>\n

The restructuring is expected to proceed quickly, with Hoonigan emerging under the control of current lenders, who are confident in the brand\u2019s ability to thrive. CEO Vance Johnston stated, \u201cWith a significantly strengthened balance sheet and new capital, this transaction will position us to invest in innovation and further drive financial performance.\u201d The restructuring process will be conducted smoothly, with no disruption to trade creditors, employees, or customers.<\/p>\n