Clearlake-Backed Wheels Maker Misses Interest Payments on Loans
- Wheel Pros enters grace period for curing missed payments
- Company has struggled amid inflation and declining demand
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Clearlake Capital Group-backed Wheel Pros LLC skipped interest payments due on some of its term loan debt, according to people with knowledge of the matter.
The company, which announced a rebranding to Hoonigan last year, told investors it has triggered a brief grace period to make the overdue payments, said the people, who asked not to be identified discussing a private matter. Non-payments could result in an event of default, allowing creditors to accelerate principal repayments and push the company into a restructuring, they said.