The announcement was made by Patricia Bondurant, the school’s president and CEO.
“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.”
According to a report by the Phoenix Business Journal, court documents show the school owes somewhere between $1 million and $10 million to 50-100 creditors. It also cites the school as having somewhere between $1 million and $10 million in assets.
Categorized under Chapter 11 bankruptcy, the school would be allowed to reorganize and restructure their debts. This way they can operate in a more affordable manner, paying off what they owe sooner. Fortunately, many organizations that file under Chapter 11 remain in operation.
“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 Bob Bondurant school was started by automotive racing figure 50 years ago in the suburbs of Phoenix, Arizona. The land owns three miles of track, making it the world's largest high-performance driver-training facility. If you own a Dodge SRT vehicle, you get a free, one-day training course at the facility included in your vehicle purchase.