Daily News: August 15, 2012

Prince Sports Gets Court OK For Restructuring Plan

According to a report from The Star-Ledger, tennis racket manufacturer, Prince Sports, obtained court approval for its proposed bankruptcy plan.

The article noted that U.S. Bankruptcy Judge Kevin Carey allowed the company to finalize its restructuring plan, which gives ownership of the company to its creditors.

Under the approved plan, the company’s primary creditor, ABG-Prince, will take over all of Prince’s assets in exchange for the dismissal of more than $67 million in debt. Lesser creditors will only recover less than 3% of their loans, the Star-Ledger said, according to sources.

To read the Star Ledger article, click here.

Previously on abfjournal.com:

Court Approves Prince Sports’ Restructuring Plan, Monday, July 30, 2012