Holley Performance Products Inc. (“Holley Performance”) and 4 affiliated entities (“Debtors”) filed petitions on September 28, 2009 in the Bankruptcy Court for the District of Delaware for relief under Chapter 11 of Title 11 of the United States Code. The Debtors have moved for joint administration of the Debtors’ cases under case number 09-13333. For suppliers and other unsecured creditors, this case will require careful monitoring. Based on the initial filings, the intended direction of this bankruptcy can not be determined. The Debtors have filed without securing debtor in possession financing. The Debtors are anticipating a fight with the pre-petition, first priority secured lenders. The first day motion for use of cash collateral is entitled (in part): “Motion for an Order … Authorizing the Debtors’ Use of Cash Collateral on a Non-Consensual Basis… .”
The joint administration of the Debtors’ cases is for procedural purposes only. For substantive purposes, including the exercise by a creditor of any substantive rights, the correct Debtor entity still must be identified. However, based on the information provided in the petitions, operations have been conducted almost exclusively in Holley Performance Products Inc.. The other companies have limited operations or are inactive. From a supplier perspective this would appear to be essentially a single debtor bankruptcy.
A listing of the corporate name of each of the Debtors, its case number and estimated number of creditors, assets and liabilities, as listed in each Debtor’s petition, is provided a table below.
|Creditor Name||Case No.||Number of Creditors||Estimated Assets||Estimated Liabilities|
|Holley Performance Products, Inc.||09-13333||200-999||$100,000,001 to $500 Million||$100,000,001 to $500 Million|
|Holley Performance Products Holdings, Inc.||09-13334||1-49||$0 to $50,000||$100,000,001 to $500 Million|
|Holley Performance Systems, Inc.||09-13336||1-49||$0 to $50,000||$100,000,001 to $500 Million|
|Nitrous Oxide Systems, Inc.||09-13337||1-49||$0 to $50,000||$100,000,001 to $500 Million|
|Weiand Automotive Industries, Inc.||09-13338||1-49||$0 to $50,000||$100,000,001 to $500 Million|