By Steve Wittich
Earlier today (May 22, 2017) in the United States Bankruptcy Court for the Southern District Of New York, Skip Barber Racing School LLC (Skip Barber) filed for Chapter 11 Bankruptcy.
Since 1975, Skip Barber has run a well known group of racing schools, driving schools, and racing championships at race tracks throughout North America that has produced a number of well known drivers including: Ryan Hunter-Reay, Josef Newgarden, Spencer Pigot, Bryan Herta, Danny Sullivan, Conor Daly, Helio Castroneves, Jeff Gordon, Joey Hand, Michael Andretti and many, many more recognizable names.
The Bankruptcy filing list assets of $5,284,500.00 and estimated liabilities of between $10,000,000 and $50,000,000. Included among the 20 largest creditors are Lime Rock Park ($1,225,000), Peoples Credit Card ($249,000), Road Atlanta ($239,617), County of Monterey ($169,568), Green Savoree-Mid Ohio LLC ($112,000), Penske Truck Leasing ($107,770.51), and IndyCar (disputed $66,000).
Chapter 11 is filed to protect an entity from creditors, allowing an attempt to reorganize the business.
More to come on this story….