The Bob Bondurant School of High Performance Driving has reopened and hired a restructuring specialist to help the facility navigate Chapter 11 bankruptcy, it was announced Tuesday.
“Pat and Bob Bondurant are equally committed to helping the school get back on track,” Timothy Shaffer, the school’s restructuring officer, said in a news release. “We’ve already begun working on restructuring initiatives that will help stabilize the school’s financial position. Our collective goal is to return the company to normal operations and ensure the school is a part of our local and national racing communities for many years to come.”
The U.S. Bankruptcy Court for the District of Arizona approved Shaffer’s hiring. He will “assume management and oversight of the school’s business operations,” according to the release. Shaffer will also work with third parties interested in investing or acquiring the school, come up with a reorganization plan and carry other responsibilities.
Shaffer has more than 25 years of experience in working with companies undergoing Chapter 11.
Pat and Bob Bondurant, the school’s owners, will serve as consultants during the restructure.
Shaffer said the school would continue to hold events, including the upcoming 2018 Road to Indy $200,000 Scholarship Shootout scheduled for December.
The school closed unexpectedly a few weeks ago. Reasons why the school closed were still unclear, though court documents showed the school owed between $1 million and $10 million to creditors.
This article, written by Carter Nacke, was originally published on ClassicCars.com, an editorial partner of Motor Authority.