Callaway Golf (ELY) Says It's Carefully Managing Exposure to Golfsmith and Golf Town
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Herbalife (HLF) Provides Q4, FY17 Guidance in Memorandum for $1.325B Credit Facility; Lowers FY17 Sales Guidance
- Pre-Open Stock Movers 01/19: (CSX) (OCLR) (NFLX) Higher; (AMDA) (DRYS) (RCII) Lower (more...)
- Air Products (APD) Sends Letter Outlining Terms of Preliminary, Non-binding Indication of Interest to Acquire Yingde
Create E-mail Alert Related CategoriesCorporate News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!