U.S. Bankruptcy Judge Kevin J. Carey in the U.S. Bankruptcy Court in the District of Delaware approved Prince Sports’ restructuring plan.
The approval allowed the company, a tennis racket maker, to emerge from Chapter 11 in less than three months. The plan will shift ownership over the company’s lenders. Prince’s lender ABG-Prince will get all the reorganized company’s equity in exchange for its $67.2 million secured debt. Unsecured creditors, which are owed approximately $13.8 million, will get proceeds from lawsuits and cash for an estimated recovery of 2.7%, a Bloomberg article said.
To read the Bloomberg article in its entirety, click here.
Previously on abfjournal.com:
Prince Sports Commences Voluntary Chapter 11 Proceedings, Thursday, May 03, 2012