Callaway Golf (ELY) Says It's Carefully Managing Exposure to Golfsmith and Golf Town
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Callaway Golf (NYSE: ELY) disclosed in an SEC filing:
Reference is hereby made to the announcement today by Golfsmith International Holdings, LP (“Golfsmith”) that (i) it has entered into a definitive asset purchase agreement for the sale of the Canada-based business of Golf Town Canada, Inc. (“Golf Town”), (ii) Golfsmith is pursuing certain recapitalization and restructuring transactions, and (iii) such transactions will be implemented through court-supervised restructuring proceedings and in furtherance thereof creditor protection proceedings have been filed by Golfsmith (under Chapter 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware) and by Golf Town (under the Companies’ Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada).
Following such announcement, Callaway Golf Company (“Callaway”) reported that it has been carefully managing its net financial exposure to Golfsmith and Golf Town, which are both significant customers of Callaway, and Callaway expects to be able to collect substantially all of the outstanding accounts receivable balances owed by Golfsmith and Golf Town either through the bankruptcy process or through its trade credit insurance.
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