Is Boyd Coddington going bankrupt?

In the latest new episode he is selling off his "Boyd Wheels" division, as it was the "best for everyone."

Now, yet another employee quit. And the paint guy is already hinting that he will quit.

Its pretty sad when ALL of your employees from 2 years ago are gone. You know they must have been paid well, and probably getting extra dough for being on TV.

Last episode, one of the younger guys got fired, and let Boyd really have it. Called him a poor manager/leader/ stated the shop is a horrible place to work, everyone is disrespected, etc. Basically all true...

Is this the end of Boyd???

 

I have noticed that too...all of the previous cars are in the background...

Do they tape the progress of several cars at one time, then break it up into episodes?

There are no quality employees left. You honestly think that with his reputation he would be able to get many up and coming car mechanics, if only to get their feet wet... The shop manager ought to be fired, as he is very abrasive. But that will never happen, as Boyd obviously has no ability to run the shop himself....

I do love watching when Gabe does the interiors. He and his sons seem like great guys. Their building (shack) looks like its ready to be demolished, though. He has a lot of warmth towards his sons.

 

Found this:

Boyd's Bankruptcy Part II (LONG)

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Thursday, July 23, 1998
BOYD’S WHEELS: Reorganization Plan Filed
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Boyd’s Wheels, Inc. (Nasdaq: BYDS), and its wholly owned subsidiary, Hot Rods By Boyd, filed a joint plan of reorganization with the United States Bankruptcy Court late yesterday. According to the plan, Boyd Coddington, founder and namesake of the company, will return and serve in the capacity of Chief Executive Officer and Chairman of the Board of Directors.

Founded by Coddington in 1988, Boyd’s Wheels, Inc., designs, manufactures, and markets high quality aluminum and billet wheels and accessories for the specialty automotive and motorcycle aftermarkets. The company went public in 1995. Hot Rods By Boyd, founded in 1977, designs and builds custom vehicles. The companies share a collaborative marketing effort.

Although recognized for his name-inscribed line of billet and aluminum wheels, Coddington is internationally known for his automotive designs. Vehicles, such as the Aluma Coupe and Roadstar, among others, have been featured in the pages of automotive and general lifestyle magazines worldwide.

Coddington, who served as the CEO and President of the pre-bankruptcy Boyd’s from its founding until August, 1997, is leading the reorganization plan to retain the company that
bears his name. "Boyd’s Wheels is a big part of me," comments Coddington, an automotive icon and legendary designer and builder. "I would do anything to aid in its recovery and to reestablish it as a recognizable and profitable company."

The reorganization process will see Boyd’s Wheels retaining the profitable parts of the company, restructuring much of the debt into equity, and eliminating much of the massive overhead of the pre-bankruptcy operation.

Boyd’s Wheels entered into bankruptcy with $15 million in debt, and through issuance of stock to its creditors and a substantial capital contribution by Coddington, will emerge substantially debt- free. Boyd’s Wheels will pay off all of its secured debt and give general unsecured creditors 12
percent of the company's stock. Although existing equity will be diluted, the projected net income of Boyd’s Wheels is anticipated to be sufficiently to restore substantial value to the equity holders. In conjunction with the reorganization, the stock will continue to be publicly traded.

STANTON, Calif., Jan. 11 -- Boyd’s Wheels, Inc.(OTC Bulletin Board: BYDSQ) and its wholly owned subsidiary, Hot Rod by Boyd’s, has emerged from the protection of the bankruptcy system by confirming a joint plan of reorganization before the United States Bankruptcy Court, Santa Ana Division. The plan was accepted by 85 percent of Boyd’s Wheels' creditors.

Under the plan of reorganization, Automotive Performance Group will infuse approximately $2 million to recapitalize the companies and will take an 80 percent controlling interest. Boyd’s Wheels, Inc. intends to resume its manufacturing operations, which ceased last year. Under the plan, Boyd’s anticipates that most of its manufacturing activities will be outsourced to Asia to reduce future production costs and overhead.

"The overwhelming acceptance of the plan by a majority of the Boyd’s' creditors made confirmation a mere formality," stated Evan D. Smiley of Costa Mesa-based Albert, Weiland & Golden, LLP, which filed the Chapter 11 bankruptcy and plan of reorganization on behalf of Boyd’s Wheels, Inc. "Decisions to discontinue manufacturing operations, and auction off
unprofitable fixed assets have been carefully executed, enabling Boyd’s to cut overhead costs. This drastic restructuring allowed Boyd’s to reach a consensus among the creditors and will give Boyd’s an opportunity to make a profitable comeback."

The reorganization process includes provisions for the approximate 300 creditors to receive 17 percent of the publicly traded stock of Boyd’s (BYDSQ), as well as their pro-rata share of 200,000 shares of APG, which trades under the symbol (RACG). APG is the parent company of the Scott Bodine Racing and Team Scandia racing teams, Klein Engines and Royal Purple Motor oil. The 3,500 existing equity holders of Boyd’s will retain 3 percent of Boyd’s' stock.

According to Jack Karkosky, president of Boyd’s, "Boyd’s Wheels has spent the last six months working hard to reach a consensus and come up with a plan of reorganization that serves the best interest of all of the company's constituents including its creditors and shareholders. We believe this plan allows Boyd’s to effectively achieve this goal."

Boyd’s announced that it had filed for Chapter 11 in January 1998. A plan of reorganization was filed with the United States Bankruptcy Court in July.



Apparantly he exited from bankruptcy 1 year ago... and he is heading their again...

He does 15 million in wheel business per quarter?!?! Another site also said his cars go for 100,000 to 400,000$.
Geesh...