Collegiate Pacific Submits Proposal for Bike Athletics.Business Editors DALLAS--(BUSINESS WIRE)--Dec. 4, 2002 Collegiate Pacific (AMEX AMEX See: American Stock Exchange :BOO) today submitted a proposal to acquire Bike Athletics valued at approximately $12 million composed of up to $5 million in payments to the unsecured creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. and the assumption of approximately $7 million in secured debts. Michael Blumenfeld, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Collegiate Pacific, stated "we are submitting a proposal to the unsecured creditor's committee Creditor's committee A group representing firms that have claims on a company facing bankruptcy or extreme financial difficulty. for Bike Athletics. We believe this proposal is superior to any existing proposal. Based on a successful due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and approval by our lenders we are prepared to move forward to an expedited closing. It is our belief that the successful acquisition of Bike could double our earnings growth for the next several years." Collegiate Pacific is the nation's fastest growing manufacturer and supplier of sports equipment primarily to the institutional markets. The Company offers more than 3,200 products to 35,000 existing customers. This report includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and is subject to the safe-harbor created by that section. The Company's actual results may differ from the results discussed in any forward looking statements. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion