A maker of specialty products for the performance automotive and power sports replacement markets, Holley is one of the nation's largest supporters of drag racing. Holley Performance Products Inc. filed for Chapter 11 protection Monday in Delaware, after coming to terms with major creditors on a plan to lighten its debt load.

Papers filed in the U.S. Bankruptcy Court in Wilmington, Del., say Bowling Green, Ky.-based Holley has support for its Chapter 11 restructuring plan from the majority of its secured noteholders.

Holley's proposed restructuring includes payment in full of all general unsecured claims, according to an affidavit from Thomas W. Tomlinson, chief financial officer of the reorganizing company.

The privately held company has been involved in restructuring efforts since 2005, court documents say. Last year, owner Kohlberg & Co. LLC stopped contributing cash that allowed Holley to service its debt.