BK Racing asking court to allow for payment of employees and vendors

BK Racing is asking the bankruptcy court this morning to be allowed to use cash coming in to pay employees and vendors or else it might have to cease operations. According to its request, BK Racing earned $450,000 for Gray Gaulding’s 20th-place finish in the Daytona 500. The filing states that it also owes 12 employees nearly $21,000 in wages from prior to the Daytona 500. It also states that the value of its charter “may have a value in excess of $5 million,” and it could lose the charter if it doesn’t race. BK Racing, which already is subject to losing the charter because of the bankruptcy filing, sold a charter to Front Row Motorsports after the 2016 season for reportedly $2 million.