Prince Sports, a pioneer of the modern oversized tennis rackets, has won court approval of its restructuring plan giving ownership of the company to lenders.
US Bankruptcy Judge Kevin J. Carey at a hearing Friday in Wilmington, Delaware, gave the racket-maker approval of the plan, allowing it to exit court protection in less than three months, according to court documents.
Under Prince’s reorganization plan, lender ABG-Prince will get all the reorganized company’s equity in exchange for its $67.2 million secured debt. Unsecured creditors owed about $13.8 million will get proceeds from lawsuits and cash for an estimated recovery of 2.7 percent.
Prince rackets were used by champions including Maria Sharapova, Jimmy Connors and Martina Navratilova.