Bullet-Cougar Likely to File for Bankruptcy
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SANTA ANA — Bullet Sports International Inc. said that it has authorized its Bullet-Cougar Golf Corp. subsidiary to seek bankruptcy protection. Bullet-Cougar, which makes golf equipment and is Bullet Sports’ principal operating unit, is expected to file a Chapter 11 bankruptcy reorganization petition in U.S. Bankruptcy Court in Santa Ana later this week.
Bullet Sports posted a loss of about $2.3 million in the first half of the current fiscal year, which ends next month. The company lost $6.8 million in the previous fiscal year.
Bullet Sports said the filing is the result of unsuccessful efforts to obtain outside financing for Bullet-Cougar.
A Chapter 11 filing permits a company to continue operating free from foreclosures or other creditor actions while it devises a plan to repay creditors at least a portion of what they are owed.
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