The Bob Bondurant School of High Performance Driving, based in Phoenix, Arizona has filed for Chapter 11 bankruptcy protection.

According to the Phoenix Business Journal, court documents showed the driving school owes between $1-10 million to more than 50 creditors. Bondurant reportedly has between $1 million and $10 million in assets. Chapter 11 bankruptcy with allow the official Dodge SRT driving school to remain open as it reorganizes and restructures its debts. 

The school, celebrating its 50th anniversary this year, issued the following statement  earlier today:

“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. 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.

For over 50 years, Bob Bondurant School of High Performance Driving has been a fixture in Arizona and renowned nationally and internationally in the world of racing, thanks to our loyal students, dedicated employees, and the Gila River Indian Community. The Chapter 11 ensures we will have sufficient time to reorganize and position the Company for sustained success. Our plan is to emerge from this process as a stronger company and continue to drive this Company into the next 50 years.”