True Temper Gets the Shaft, Files for Chapter 11 Bankruptcy
by Ryan Ballengee on Oct 8, 2009 4:39 PM EDT
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The Wall St. Journal first mentioned last week that shaft maker True Temper would be filling for a prepackaged bankruptcy in the coming weeks. Well, it happened today. Blame it on the sagging economy. They do.
Here's a bit of background on True Temper's situation from Chris Chung at WSJ.
- The company will get about $70 million in new equity. The money was raised by "a group of the company’s current debt holders and capital partners," True Temper said.
- True Temper was acquired by Gilbert Global Equity Partners and management in 2004 from Cornerstone Equity Investors for $342 million,
- The company said its restructuring will reduce the amount of its loans from $275 million to less than $40 million.
- The company’s second quarter sales fell to $21.2 million from $37.7 million in the 2008 quarter, as adjusted EBITDA (Ryan sic: Earnings before interest, taxes, depreciation, and amortization) declined to $1 million from $10.4 million.
The people who make the shovels, hoes, and stuff weren't impacted by the filing.
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well THAT sure sucks. I hope the bankruptcy protection is enough to get them through this economy. I’ve done MY part to keep them in business, getting people to get their irons reshafted with something other than the standard Dynamic Gold and into something that fits their game better.
"this ball will fit in that fairway"
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