True Temper Files for Prepackaged Bankruptcy

(Reuters) – U.S. golf club shaft maker True Temper Sports Inc filed for Chapter 11 bankruptcy protection on Thursday, hurt by the downturn in the golf equipment industry.

 

In a filing with the U.S. Bankruptcy Court for the District of Delaware, True Temper listed estimated assets of about $180.5 million and estimated liabilities of about $319 million.

 

The company, which also makes bicycle tubing, forks, and seat posts said last week it had reached an agreement with secured lenders, bondholders and shareholders to restructure all of its outstanding debt and would file a “pre-packaged” restructuring petition. [ID:nWNAB4866]

 

The case In re: True Temper Sports Inc, U.S. Bankruptcy Court, District of Delaware, No 09-13446. (Reporting by Ajay Kamalakaran in Bangalore; editing by John Stonestreet and Simon Jessop)

peHUB Note: True Temper is a portfolio company of Gilbert Global Equity Partners.