Prince's Ch. 11 Plan Wins Green Light

Law360, Wilmington (July 27, 2012, 9:04 PM EDT) -- Iconic tennis brand Prince Sports Inc. won approval of its Chapter 11 confirmation plan in Delaware bankruptcy court Friday, sealing a deal that will transfer control of the reorganized company to creditor Authentic Brands Group LLC for $65 million of secured debt.

The New Jersey-based racquet innovator sought bankruptcy protection May 1, serving up a prepackaged plan worked out with Authentic, the brand development and licensing firm which had bought Prince's debt from the original lenders in March.

U.S. Bankruptcy Judge Kevin J. Carey signed off...
To view the full article, register now.