Hoonigan Successfully Completes Financial Restructuring

Wheel Pros LLC, doing business as aftermarket enhancements company Hoonigan, and certain of its North American-based affiliates have successfully completed a financial restructuring and emerged from the Chapter 11 process following confirmation of the Company’s Plan of Reorganization on Oct. 15.

With a strong financial foundation, Hoonigan is poised to continue delivering innovative and industry-leading products well into the future, the company stated in a press release announcing the successful restructuring.

“The completion of this process marks a pivotal moment for Hoonigan, and we emerge as a financially stronger company with the resources to invest in innovation and drive sustainable, long-term growth,” said Vance Johnston, CEO of Hoonigan. “We are grateful for the collaboration with and support of our many partners throughout this process, including our Hoonigan team, customers, suppliers, financial sponsors and lenders. As we look to the future, we are excited to continue providing cutting-edge products and best-in-class service as we advance our industry-leading position in the growing automotive aftermarket sector.”

Through its financial restructuring, Hoonigan has eliminated approximately $1.2 billion of debt and secured access to a $175 million asset-backed loan facility, the release stated. Hoonigan moves forward as a well-capitalized company with significantly reduced leverage under the majority ownership of a group of its lenders, led by funds managed by affiliates of Strategic Value Partners LLC and Nut Tree Capital Management LP.

“We are thrilled to support Hoonigan and partner with its leadership team as the company enters an exciting new chapter,” said David Geenberg, head of the North American corporate investment team at SVP. “We’re confident in the company’s vision and look forward to being part of its bright future at the forefront of the automotive aftermarket industry.”