Holley Performance secures $3.1 million bid for OEM business

By Caroline Salls

Pittsburgh, Nov. 24 - Holley Performance Products Inc. requested court approval of the proposed $3.1 million sale of its Holley Clean Power original equipment manufacturer business to Actuant Corp., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The sale is subject to receipt of competing bids.

If Actuant is not the high bidder at auction, Holley will pay it a $100,000 breakup fee.

Competing bids must be for at least $3.3 million and must include a 10% deposit.

The minimum bidding increment at the auction will be $100,000.

Holley, a Bowling Green, Ky.-based maker of high-performance carburetors and other automotive engine equipment, filed for bankruptcy on Sept. 28. Its Chapter 11 case number is 09-13333.

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