Holley Performance Products, which makes high-performance carburetors and automotive fuel-injection systems primarily for the aftermarket, filed for bankruptcy on Monday, its second filing in less than two years.
The privately held company, which is a major supporter of drag racing and NASCAR racing, said in court documents that sales had fallen as much as 40% since it emerged from bankruptcy last year, Reuters reported.
In addition, the company’s business supplying emission control components to vehicle makers suffered as a major customer, Caterpillar, discontinued a line of truck engines.
Thomas Tomlinson, the company’s co-chief executive and chief financial officer, said in court documents that Holley had been negotiating with holders of the company’s first-lien secured debt to restructure its finances.
The company was founded more than 100 years ago and its brands include Flowtech, Weiand, Nitrous Oxide Systems and Hooker.