Hoonigan seeks bankruptcy protection with $1.75B in debt
Automotive entertainment and after-sales parts business The company best known for the Gymkhana video starring Ken Block announced on September 9 that it had filed for Chapter 11 bankruptcy protection in a Delaware court. Hoonigan said it has entered into a restructuring agreement with most of its creditors, which it expects to eliminate about $1.2 billion from its current debt totaling $1.75 billion. The company also plans to secure up to $570 million in new capital. The company said it expects its operations to continue as normal during this process and all unsecured creditors should be paid in full. Hoonigan, owned by private equity firm Clearlake Capital, accumulated much of its debt in the years following the pandemic through a series of acquisitions aimed at rapidly expanding its business. It all started when aftermarket wheel giant Wheel Pros acquired the original Hoonigan in 2021, along with several other companies including throtl and Transamerican Auto Parts, and the combined entity was…
The “Hoonipigasus” Porsche 911 from TPC
In today's show In the collector's corner we saw a TPC model of the last car built by racing legend Ken Block, which pays homage to the 1971 Porsche 917/20 "Pink Pig". We also take a deep dive into the story behind the car and the impact it had on the automotive world. [embed]https://www.youtube.com/watch?v=06iBzGSDA40[/embed] Be sure to subscribe to the ClassicCars TV YouTube channel to watch all episodes of The Collectible Corner, as well as see fun finds and car reviews!