Description

This morning, True Temper Sports, Inc. and two affiliates (True Temper Corporation and True Temper Sports-PRC Holdings, Inc.) filed voluntary chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Delaware. The cases have been assigned to Judge Peter J. Walsh.

True Temper is the leading supplier of steel, graphite and multi-material golf club shafts. According to the company, it has 70-80% market share in the worldwide steel golf shaft market (70% of the company's revenue) and 10% of the graphite golf shaft market. The company also produces tubular components for other recreational sports, such as bicycling, hockey, baseball, softball and lacrosse.

True Temper also filed a proposed Joint Prepackaged Plan of Reorganization with the bankruptcy court today. Under the proposed Plan, holders of 45.5% of True Temper's Senior Subordinated Notes have agreed to serve as a plan investor and invest $70 million in the reorganized company in exchange for 10 million shares of new common equity. General unsecured claim holders will not receive any distribution under the Plan, except that unsecured trade creditors will be eligible to receive payment on account of their claims if they vote in favor of the Plan.

The following significant pleadings are being made available on JDSupra courtest of netDockets:

1. Chapter 11 Voluntary Petition
2. Joint Prepackaged Plan of Reorganization
3. Motion to Pay Employee Wages
4. Declaration of CFO in Support of First Day Pleadings

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