Clearlake-Backed Wheel Maker Gets Reorganization Plan Approved

Auto parts maker Wheel Pros, also known as Hoonigan, got approval from a US bankruptcy court for its Chapter 11 reorganization plan.

• Judge John T. Dorsey said he’d approve the prepackaged plan, overruling an objection from the US Trustee at a Tuesday hearing
  • The plan could deleverage the company’s balance sheet by approximately $1.2b, according to court papers
  • The estimated recovery for DIP facilities, asset-based-lending claims, among other claims, are 100%; recovery for the first-lien claims is estimated to be 53%, separate papers showed
• Judge Dorsey also approved a $30m asset sale of the company’s 4 Wheel Parts business ...