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Prince Sports Inc., a pioneer maker of tennis gear, sought bankruptcy protection citing as much as $100 million each in assets and debts, and said it plans to revise its business model to make the company more competitive.
Among the Bordentown, New Jersey-based company’s largest unsecured creditors listed in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware, were Da Sheng International Holding Ltd. of Taiwan and Pais International Ltd. and Marshal Industrial Corp., both of Hong Kong, each owed more than $1.9 million in trade debt.
Decline in market demand “combined with increased competition over the past five years” and a decrease in “consumer discretionary spending” led to the bankruptcy, said Gordon Boggis, chief executive officer, in court papers.
He said the company plans to cancel secured debt in exchange for new equity as part of its reorganization plan.
The case is In re Prince Sports Inc., 12-BK-11439, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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