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LYNX GOLF SAYS THAT IT MAY SEEK BANKRUPTCY PROTECTION
Published June 18, 1998
CA-based Lynx Golf "disclosed that it cannot repay a loan and may seek federal bankruptcy protection," according to Bruce Bigelow of the SAN DIEGO UNION-TRIBUNE. Lynx "laid off 25 full-time workers and has negotiated salary cuts with its senior executives." The number of remaining employees was "unclear," but Bigelow notes that before relocating to Carlsbad, CA, last year, Lynx had 120 employees. Lynx also reorganized its board of directors, saying that six members "had resigned." Paul Little, a former Lynx director and principal with GTL Securities of Toronto, has rejoined the board. Despite introducing new lines of titanium clubs last year, the company said that losses "widened to" $11.2M for the second quarter ended January 31, compared with $3.6M last year. Lynx was sold last year to an investment group that includes actors Jack Nicholson and Clint Eastwood, and golfer Fred Couples is the second-largest shareholder in the company with a 5% interest (SAN DIEGO UNION-TRIBUNE, 6/17).