Prince Sports Faults Into Ch. 11, Serves Plan To Cut Debt

Law360, Wilmington (May 1, 2012, 5:23 PM EDT) -- Private-equity-owned tennis racquet innovator Prince Sports Inc. filed for bankruptcy in Delaware on Tuesday, serving up a reorganization plan that would hand control of the company to Authentic Brands Group LLC for $65 million of secured debt.

The Bordentown, N.J.-based company, which pioneered the oversize tennis racquet, said in a statement that it intended to revamp its business model while using the bankruptcy process to ease its debt burden.

"We anticipate to emerge from this period as a more efficient, performance racquet sports brand with a...
To view the full article, register now.