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According to an article written by John George in the Philadelphia Business Journal, New Jersey-based tennis and racquet apparel company Prince Sports Inc. and its United States affiliates filed voluntary petitions for Chapter 11 reorganization Tuesday at U.S. Bankruptcy Court in Delaware. Prince also has filed a proposed plan of reorganization plan that would relieve the company from a secured debt burden of more that $60 million. The reorganization plan calls for swapping secured debt for new equity in the company. Officials from Prince blamed the company’s downturn on increased competition and a decline in discretionary spending by consumers over the past five years. “After considering several business options, the board of directors and the senior management team firmly believe that the Chapter 11 filing is not only a necessary step but also the right thing to do to ensure a secure future for Prince,” said Gordon Boggis, President and CEO of Prince Sports Inc. “We have a long history, and are planning for an exciting future, focused on game-changing, product innovation, engineered to take players’ games to the next level. Securing this protection will help us to continue to focus on that vision.” Prince officials said they plan to use the Chapter 11 process to develop a more competitive business model. Prince has secured a commitment of debtor-in-possession financing that it said will give its vendors and suppliers “confidence in its position to operate in Chapter 11.” In the bankruptcy filing, Prince lists assets and debts of more than $100 million. Its largest unsecured creditors, each owed more than $1.9 million in trade debt, are Da Sheng International Holding Ltd. of Taiwan and Pais International Ltd. and Marshal Industrial Corp. of Hong... |
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