MEMPHIS, USA - Frame tubing, forks, handlebar, seat post, stems and bottle cage maker True Temper Sports Inc filed for Chapter 11 bankruptcy protection yesterday, October 8. In a Reuters report it is said that the company is hurt by the downturn in the golf equipment industry; the other main business line of True Temper.
The Reuters report states: “In a filing with the US Bankruptcy Court for the District of Delaware, True Temper listed estimated assets of about US$ 180.5 million and estimated liabilities of about US$ 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.
“The case In re: True Temper Sports Inc, US Bankruptcy Court, District of Delaware, No 09-13446.”
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