Daily News: July 30, 2012

Court Approves Prince Sports’ Restructuring Plan

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