According to law360.com, the bids come after a $45 million stalking horse deal from a joint venture between GWNE Inc. and Hilco Merchant Resources LLC fell apart two weeks ago due to challenges securing financing. But Domenic E. Pacitti of Klehr Harrison Harvey Branzburg LLP told U.S. Bankruptcy Judge Mary F. Walrath with the bids coming in as part of a blind-auction, there was the potential for a “much higher bid” to emerge than the original $45 million auction floor with the winning bid potentially leaving “a substantial amount of money” for the estate. He said discussions with each of the prospective bidders remain ongoing.
Edwin Watts also reached an agreement with post-petition lender PNC Bank NA to extend its debtor-in-possession loan agreement to the second week of February. The law360.com article is here.
About Edwn Watts Golf :
Edwin Watts Golf Shops, LLC (an affiliated portfolio company of Sun Capital Partners, Inc.), headquartered in Fort Walton Beach, Florida is one of the world's premier specialty golf retailers. The company operates as an integrated, multi-channel retailer, offering the freshest assortment of brand name golf equipment, apparel, and accessories through its 88+ domestic Retail Locations, eCommerce Internet site (www.edwinwattsgolf.com), Telephone/Catalog/Direct Mail sales (1.800.874.0146) and Digital Catalog (www.edwinwattsgolf.com/catalogs). Edwin Watts Golf touts a team of highly experienced and knowledgeable sales associates who can assist customers of all skill levels with lessons, performance fitting, special orders and repair services. The combination of the highest level of customer service, price match guarantee and reputation as the most trusted retailer in golf for over 44 years has earned the organization the right to be known as America's Golf Club.
Related Links:http://www.law360.com/bankruptcy/articles/492857/6-suitors-emerge-for-edwin-watts-golf-shops-ch-11-auction
By press release
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