Wegner Motor Sports Bankrupt?

[griff]

Wegner Motor Sports files for bankruptcy

By Tom Daykin ([email protected]) of the Journal Sentinel
Posted: Feb. 9, 2010 |(0) Comments (http://www.jsonline.com/business/83949542.html#comments)
A Green Lake County company that makes engines for NASCAR and other motor sports filed Tuesday to reorganize its finances under Chapter 11 bankruptcy protection.
Wegner Motor Sports Inc., located near Markesan, listed assets totaling $1 million and liabilities of $2.6 million in its filing in U.S. Bankruptcy Court in Milwaukee. Wegner's largest creditor is First National Bank of Berlin, which has a claim of $2.2 million, according to the filing.
The company's president is Carl Wegner.

[Ron.in.SoCal]

Again no expert here, Chapter 11 reorg allows for the company to operate under court protection which means they can get their financial house in order without creditor interference. Ususally once a judge approves the entire action with creditor involvement, some debt is wiped out and some assets are turned over to creditors and the slate is wiped clean allowing for a fiscally healthy company to emerge. Still the future is not guaranteed; the company still needs to make goods products, generate revenue and get paid from their customers.

On topic, recently Wegner did a project in conjunction w Frank and it came out f'n awesome. Their front drive systems appear top notch. Personally, I would buy form them if I knew they had the product on the shelf and could ship within a reasonable timeframe.

Just .02...

[Van B]

They are still operating and working hard to pull out of this.

[Motown 454]

I hope they make out good. From what I've read they make a hell of a product and are excelent to work with.

[The WidowMaker]

i bought a front drive from them after the filing. carl was more than helpful. i still plan to buy my 416 from them.

[tellyv]

Their going strong again, busy as hell!!!

[parsonsj]

Wegner built the 620 hp 427 LS2 in II Much. Good people, good products. I hope they make a solid recovery.

jp

[ProdigyCustoms]

We sell quite a few front drives from them. Has been business as usual all the way through. Good guys and better parts.

[79PonchoUK]

It's a real shame so many are struggling. I don't think the difficulties with many companies have anything to do with their quality of services or products. Granted, a large chunk of the problem is down to lack of good business decision but companies like this worldwide are getting into huge financial trouble, whether it be US, UK, Japan or germany...I can think of a couple of famous japanese companies that have filed for bankruptcy since this recession first started.

Some are prospering though - so it shows hope for all of them. :)

[DB Z28]

They are working realy hard they have lots of work going on their Just finished up my ls-7 their last week. Nothing but top notch products

[JEFFTATE]

Hope they make it ...

[Van B]

Hope they make it ...

As long as they can make something happen with old debt via the bk they should be fine. They have made great strides in the last couple of years getting labor costs under control.

[canrc]

Great guys to work with, I had a 415 LS3 Harrop Supercharged motor built and it delivered well more than what was expected.... Dan at Wegner is a great guy very helpful!

[MuscleRodz]

pretty sure they are not going anywhere. We have a engine being built there all through their filings and has been business as usual. Great people to work with