September 15, 2016
Weil is advising Texas-based specialty golf retailer Golfsmith International Inc. in its recent chapter 11 case, which was filed in the U.S. Bankruptcy Court for the District of Delaware in Wilmington yesterday. The company will seek permission to sell its U.S. stores in a bankruptcy-run auction. Its Canadian counterpart, Golf Town Canada Inc., has already entered into an asset purchase agreement for the sale of its business to a group led by creditors CI Financial Corp. and Fairfax Financial Holdings Ltd.
Golfsmith International, a portfolio company of OMERS Private Equity Inc., is the largest specialty golf retailer in the world, with 109 stores in the U.S. operating under the Golfsmith brand and 55 stores in Canada under the Golf Town brand.
In papers before the Delaware bankruptcy court, Golfsmith International reported more than $195 million in funded debt, plus at least $38 million in unsecured liabilities.
The Weil team representing Golfsmith International is led by Business Finance & Restructuring partner Michael Walsh and Banking & Finance partner Damian Ridealgh, and includes Business Finance & Restructuring associates David Griffiths and Charles Persons, and Banking & Finance associate Kristopher Villarreal.