Hoonigan’s Chapter 11 case is over. Wheel Pros, LLC, doing business as Hoonigan, and certain North American affiliates filed voluntary petitions in the U.S. Bankruptcy Court for the District of Delaware on September 8, 2024. Hoonigan later announced that its plan was confirmed on October 15 and that it emerged from Chapter 11 on December 2, 2024.
Who filed for Chapter 11?
The legal filer named in Hoonigan’s September 8, 2024 announcement was Wheel Pros, LLC, doing business as Hoonigan, along with certain North American affiliates. The debtors’ court-filed first-day declaration uses “Hoonigan” or “the Company” collectively for Wheel Pros and its debtor affiliates. Thus, “Hoonigan filed” is useful shorthand, but it does not mean every business operating under the name worldwide was a debtor in the case.
Hoonigan said its North American-based affiliates were included in the court process, while operations outside North America were not part of that court-supervised restructuring. That description concerns the scope of the 2024 case; it does not establish the current footprint or status of every brand or business line.
What did the company announce it was trying to do?
In its September 8 announcement, Hoonigan said it had reached a restructuring support agreement with a majority of its debtholders. The company said the proposed transaction was expected to eliminate approximately $1.2 billion of debt and secure up to approximately $570 million in new capital. Its first-day declaration also described the proposed deleveraging as approximately $1.2 billion.
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Those are announced plan terms, not an independently audited account of the company’s financial position. The figures also describe different things: approximately $1.2 billion was the stated debt reduction, while up to approximately $570 million was the announced amount of new capital.
What happened during the case?
| Date | Milestone |
|---|---|
| September 8, 2024 | Wheel Pros, LLC, doing business as Hoonigan, and certain North American affiliates filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. The company described the transaction as a consensual, prepackaged restructuring supported by a restructuring support agreement. |
| October 15, 2024 | Hoonigan announced that the bankruptcy court had confirmed its plan of reorganization. The company said it would continue operating in the ordinary course as it moved toward emergence. |
| December 2, 2024 | Hoonigan announced that it had completed the restructuring and emerged from Chapter 11. |
The filing did not itself mean an immediate shutdown. Hoonigan said it expected to continue operating in the ordinary course, and the first-day declaration described the debtors as operating as debtors in possession during the case.
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What were the reported exit financing terms?
Restructuring counsel Davis Polk’s December 4, 2024 summary of the completed case reported a $500 million exit term loan and a $175 million exit asset-based revolving loan facility. These reported facilities are distinct from Hoonigan’s September announcement of up to approximately $570 million in new capital; the figures refer to different descriptions of the transaction and should not be treated as interchangeable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What kind of company was involved?
The court-filed declaration describes an automotive aftermarket business that began with customized wheels and wheel accessories and expanded into suspension systems, lighting, powersports products and digital content. It describes the group’s channels as including dealers, distributors, retailers, e-commerce and content. That background identifies the business in the case; the restructuring’s completion alone does not establish present product availability, post-emergence financial performance or the current status of individual brands.
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