Business Services Industry
Car bazaar to creditors: We've got a deal for you.(Charlotte)
Business North Carolina, May, 2009
Sonic Automotive Inc.'s boom might turn to bust unless it can get debt relief. The Charlotte-based auto-dealer chain lost $686 million last year after earning $96 million the year before. In March, it said heavy debt, especially near-term maturities, might land it in bankruptcy, though executives express optimism about long-term prospects. "Our dealerships continue to perform extremely well, despite the soft environment," President Scott Smith says. "I believe that we compare very favorably to our competitors, except for one aspect." As much as $1.5 billion of its $1.9 billion debt could come due this year or next. Sonic operates 135 dealerships in 15 states and is led by Smith's father, Bruton, also CEO of Speedway Motorsports Inc., which owns racetracks.
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