The American company Hoonigan, which was founded by the now deceased rally choir Ken Block, has sought bankruptcy protection in the United States. The debt is 8 billion kroner.
Hoonigan, which was once founded by Ken Block, has filed for bankruptcy protection in the United States a year and a half after the death of the rally driver.
It is hoped that the company can reconstruct itself in the course of two months by entering into new agreements with existing lenders. In total, Hoonigan owes 1.2 billion dollars, equivalent to 8 billion kroner.
In addition to the debt reduction, Hoonigan hopes to be able to secure as much as 570 million dollars in new capital for continued operations.
That's what Stretto writes.
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The bankruptcy comes after Hoonigan merged with a number of other companies. Blue. Wheel Pros that has been selling aluminum rims and aftermarket accessories for cars since 1994.
Before the merger, Wheel Pros itself had been acquired by a private equity fund in 2018. The private equity fund continued to invest and absorb the Hoonigan site.
Hoonigan and the many other companies and subsidiaries from the acquisitions experienced growth during the covid pandemic, but have since had problems with both supply chains and high interest rates, the director writes in the bankruptcy protection application.
Revenue in the overall company rose from $844 million in 2019 to $1.5 billion in 2022. However, demand began to drop drastically in 2023. And then earnings also began to decline, so Hoonigan couldn't keep up anymore.
Bankruptcy protection allows for a breathing space where employees can get paid and money can be sent back and forth between suppliers until a more permanent solution is found.
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