Daily News: November 5, 2013

PNC Provides $38MM to Support Bankrupt Golf Shop Retailer

Reuters reported that Edwin Watts Golf Shops filed for Chapter 11 bankruptcy protection, and the retailer, owned by private equity firm Sun Capital Partners, will seek a sale of its assets by December 6, according to papers filed in the U.S. Bankruptcy Court in Wilmington, DE.

Reuters said further an initial or stalking-horse bid was reached with a joint venture of Hilco Merchant Resources LLC and GWNE, and PNC Bank, which is owed $50 million under a secured financing agreement, will lend Edwin Watts Golf Shops $38 million to keep it operating until the sale is completed.

To read the entire Reuters press release, click here.