Minute Media Closes On $15M Investment Round ESPN Still Hurting Disney Quarterly Results Under Armour's Kevin Plank Defends Company MLB Postseason Boosts 21st Century Fox' Q2 Callaway Golf Posts Solid Financials Under Armour Posts Tepid Forecast For '17 No Bidders For Bauer Hockey's Parent Co. ISC Revenues Up For '16, Admissions Down StubHub Q4 Results Show 20% Jump From '15 Sports Owners Investing In Tech Startups
L.A. GEAR FILES FOR REORGANIZATION BUT DETAILS SKETCHY
Published January 14, 1998
L.A. Gear has filed for "reorganization under Chapter 11," according to James Peltz of the L.A. TIMES. The company made the filing "after reaching a restructuring pact with a group representing holders" of $50M of L.A. Gear bonds. Last October, PCH Investments acquired a 42% stake in the company. The new restructuring "calls for, among other things, eliminating L.A. Gear's existing common stock" on the NASDAQ. Under the proposed overhaul, "newly created shares of L.A. Gear preferred stock -- which would be convertible into common shares -- would be distributed to PCH Investments, the bondholders and other creditors. It "wasn't immediately disclosed how much of L.A. Gear each group will own" (James Peltz, L.A. TIMES, 1/14).