Holley Performance Products to hold auction for OEM business sale

By Caroline Salls

Pittsburgh, Dec. 10 - Holley Performance Products Inc. received court approval of the bid procedures for the proposed $3.1 million sale of its Holley Clean Power original equipment manufacturer business, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Actuant Corp. is the stalking horse bidder.

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.

The auction will be held on Jan. 5, and the sale hearing is scheduled for Jan. 7.

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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