Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Golfsmith International Holdings Dismissal Approved

0
0

The U.S. Bankruptcy Court issued an order approving Golfsmith International Holding’s and its official committee of unsecured creditors’ joint motion for entry of an order authorizing dismissal of the Debtors’ cases.

The dismissal order states, “The Debtors are authorized to make distributions detailed in the motion in accordance with the Wind Down Budget attached as Exhibit 2. According to the budget the estate wind-down expenses is forecast as $846,000. The final pay-out will be 50% of the reconciled claim amount of up to $1.25 million in aggregate.” As previously reported, “Given the closing of the Sales and the lack of any remaining assets to monetize, the Debtors, the Creditors’ Committee, and the Second Lien Parties have decided that implementing the Global Settlement through dismissal of these chapter 11 cases and the 503(b)(9) Procedures Motion is the most effective way to conclude these cases. Importantly, the Movants do not believe that it is possible to propose a confirmable chapter 11 plan. However, even if it was possible, confirmation will take too long, be too expensive, and substantially increase administrative costs. Moreover, given that substantially all of the Debtors’ assets have already been liquidated, conversion of these cases to cases under chapter 7 will only add another layer of administrative expenses without any attendant benefit to the Debtors’ creditors. In sum, the Global Settlement is the Debtors’ best exit option from chapter 11.” This specialty retailer of golf and tennis equipment, apparel, footwear and related accessories, filed for Chapter 11 protection on September 14, 2016, listing $125 million in pre-petition assets.

More on the Goldsmith chapter 11 filing at BankruptcyData.

The post Golfsmith International Holdings Dismissal Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images