Just saw this yesterday:
http://www.bloomberg.com/apps/news?p...Fqg&refer=news

Makes you wonder how it's going to affect us. I didn't see what other divisions filed.

Yeah that's from a week or so ago.

It's really mostly a technicality.... it's a debt-for-equity swap, apparently made necessary by the contractual terms of the bonds they borrowed with in order to buy a unch of the smaller companies they acquired in the 90s. The bondholders refused to accept any other form of settlement of the bonds. They also raised a little cash by selling off a couple of their less profitable divisions (notably Lunati, which they sold to an investor group that also holds a bunch of Comp Cams), and then did this other to get rid of those old high-interest bonds.

Holley itself is fairly profitable, it generated about $25M of free cash flow last year. I'm not sure on what revenue though, haven't researched it enough I guess.

Hopefully it won't bother any of us out here in Toyland too much.

That makes me sad. That's one American company I would hate to see in the shtter.

They made bad acquisitions and generally managed the whole thing poorly. Another company trying to be "all things to all hot rodders" and making poor decisions to that end.

Don't think for a minute that "bankruptcy" = "out of business". Think about it as the most extreme end of "financial restructuring." It'll give them a chance to right the ship and get back on their feet. They'll likely sell off another division or two before it's over with, and they will emerge a better, but smaller, company in the end.