Ken Block's Hoonigan files for bankruptcy; Cites $1.2 billion debt

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According to reports, Hoonigan - the manner marque founded by Ken Block, has filed for Chapter 11 bankruptcy protection. The institution rolled into a high-profile merger with aftermarket instrumentality institution - Wheel Pros, owned by backstage equity steadfast Clearlake Capital. The equity steadfast is present said to beryllium attempting to discharge $1.2 cardinal successful debts and rise up to $570 cardinal successful capital.

The institution was initially founded arsenic a covering and manner marque by Ken Block. However, it was champion known for its "The Hoonigans" YouTube channel. The merger with Wheel Pros took spot 16 months earlier the passing of Ken Block. In October 2023, each the businesses nether Wheel Pros were rebranded nether the Hoonigan sanction and present see erstwhile brands similar TSW, American Racin and Rotiform; among a fewer different automotive aftermarket suppliers.

As per tribunal filings, the combined institution reportedly has $1.75 cardinal successful debts, which includes the $1.2 cardinal that the bankruptcy is expected to remove.

Reports though suggest that the bankruptcy doesn't needfully bespeak the extremity of Hoonigan. However, it remains to beryllium seen what emerges station the Chapter 11 filing.

Source: Road&Track

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