Chief Restructuring Officer appointed to save Bondurant school
The U.S. Bankruptcy Court for the District of Arizona has approved the appointment of Timothy H. Shaffer of Clotho Corporate Recovery, LLC as Chief Restructuring Officer (CRO) for the Bob Bondurant School of high performance driving.
The CRO retention, approved by the Court on Nov. 21, 2018, has been made to help the School “reorganize and position itself for sustained success,” following its declaration of bankruptcy in October and a temporary shutdown earlier this month.
According to the Order approving the CRO’s retention, Shaffer will assume management and oversight of the School’s business operations including negotiation with third parties in connection with investment and/or acquisition of the School, formulating a reorganization plan, collection and administration of assets and liabilities of the School, and preparing monthly operating reports.
Pat and Bob Bondurant, owners of the School, will serve as consultants during the restructuring efforts.
Shaffer’s appointment as CRO has also ensured this weekend’s Road To Indy $200k shootout won’t have to change venue at the last minute.
Said Shaffer: “Pat and Bob Bondurant are equally committed to helping the School get back on track. We’ve already begun working on restructuring initiatives that will help stabilize the School’s financial position.
“Our collective goal is to return the company to normal operations and ensure the School is a part of our local and national racing communities for many years to come.
“We’re especially looking forward to hosting the 2018 Road to Indy $200,000 Scholarship Shootout, which will be held at our School in December.”