Wheel Pros / Hoonigan Officially Filed Chapter 11 Bankruptcy

Over the weekend, Wheel Pros / Hooingan officially filed for chapter 11 bankruptcy. It enters them into a Restructuring Support Agreement (RSA) that relieves them of approximately 1.2 billion dollars of debt. Simultaneously, the Wheel Pros / Hoonigan bankruptcy gives them an additional $570 of new operating capital. And that should allow them to be able to carry on regular operations without effecting employees, customers, partners, suppliers, etc.

The cost of the Wheel Pros / Hoonigan bankruptcy?

It sounds like they are giving up a majority stake in the company to the lenders they were so hugely indebted to. And it seems as though those lenders have faith in letting Wheel Pros / Hoonigan continue to run the show, at least at on the surface. Although, don’t be surprised if some of the brands get eliminated or sold-off. Source: Businesswire.

Original tip-off article can be found here. And here are a couple short videos on the matter if that’s easier (Video-1 and Video-2).