Wheel Pros, LLC (d/b/a Hoonigan), a global automotive aftermarket platform backed by Clearlake Capital, filed for Chapter 11 protection on September 8, 2024 in the District of Delaware (Case No. 24-11939) with 27 affiliated debtors and approximately $1.746 billion in funded debt. The company controls leading aftermarket brands (Fuel Off-Road, American Racing, ReadyLIFT, TeraFlex, Morimoto, Hoonigan, Throtl) and operates 42 distribution centers, 4 manufacturing facilities, and serves over 30,000 retailer relationships across five business segments. Distress stemmed from post-pandemic demand normalization, rapid interest rate increases, supply chain inflation, and unsustainable debt service burden. The debtors filed a prepackaged plan with a $285 million DIP financing package. The 4 Wheel Parts business unit was sold to ORW USA, Inc. for $30 million. The plan confirmed on October 15, 2024 without cramdown, became effective December 2, 2024, and achieved final decree on February 11, 2025. The restructuring eliminated approximately $1.2 billion of debt.
