November 14th 2018
Bob Bondurant School of High-Performance Driving Closes Temporarily
After filing a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the District of Arizona on October 2, 2018, the Bob Bondurant School of High-Performance Driving, Inc., released a statement that it has closed its doors temporarily.
The statement read, "In October, the Bob Bondurant School of Bondurant Driving, Inc. filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the District of Arizona. This was an important first step to help us restructure the School.
"Yesterday, we experienced circumstances that unexpectedly caused the School to close its doors temporarily.
"The Bondurants intend on continuing the School's restructuring efforts, negotiating with potential investors, and implementing a new management team to assure the successful future of the School. We remain optimistic and hope to keep the School's legacy alive for years to come."
Court filings listed total debts at between $1 million and $10 million, with between 50 and 99 creditors.
In announcing the Chapter 11 protection last month, the school stated, "The Chapter 11 ensures we will have sufficient time to reorganize and position the Company for sustained success. Our plan is to emerge from this process as a stronger company and continue to drive this Company into the next 50 years.
Famed sportscar driver Bob Bondurant opened the school in 1968 at Orange County International Raceway, according to the school's website. It was the first school for race car drivers. Today, the school resides on a 60-acre facility in Chandler, Arizona, with a 1.6-mile track.