Bob Bondurant School of High Performance Driving Inc. on Oct. 2 filed a voluntary petition under Chapter 11 in the U.S. Bankruptcy Court for the District of Arizona.

The company issued the following statement on its website announcing the news.

“In a difficult yet important step towards becoming a stronger company, Bob Bondurant School of High Performance Driving, Inc. filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the District of Arizona on October 2, 2018.

“We will continue operating and serving our students and corporate groups as usual while we develop new business relationships to ensure the vitality of the company in the future. For over 50 years, Bob Bondurant School of High Performance Driving has been a fixture in Arizona and renowned nationally and internationally in the world of racing, thanks to our loyal students, dedicated employees, and the Gila River Indian Community.

“The Chapter 11 ensures we will have sufficient time to reorganize and position the company for sustained success. Our plan is to emerge from this process as a stronger company and continue to drive this company into the next 50 years.”