The Bob Bondurant School of High Performance Driving filed for bankruptcy protection on Tuesday afternoon.
“In a difficult yet important step towards becoming a stronger company, Bob Bondurant School of High Performance Driving, Inc. filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the District of Arizona on October 2, 2018,” a statement from Patricia Bondurant, the school’s president and CEO, said.
The Phoenix Business Journal reported that court documents showed the Chandler, Arizona-based school owes between $1 million and $10 million to more than 50 but fewer than 100 creditors. Bondurant reportedly has between $1 million and $10 million in assets.
Under Chapter 11 bankruptcy, the business would be able to reorganize and restructure its debts. Companies typically remain in operation under Chapter 11 and Bondurant will follow suit.
“We will continue operating and serving our students and corporate groups as usual while we develop new business relationships to ensure the vitality of the company in the future,” the statement read.
Bob Bondurant, a high-profile figure in the world of automotive racing, founded the school 50 years ago.
Located in the suburbs of Phoenix, the Bondurant School has a three-mile track and is the world’s largest high-performance driver-training facility.
It is also the official training school for Dodge SRT vehicles, including the Hellcat. The one-day course is included in the purchase or lease price of the cars and teaches those behind the wheel how to avoid accidents, steer out of a skid and technical driving skills.
This article, written by Carter Nacke, was originally published on ClassicCars.com, an editorial partner of Motor Authority.