Coyote Sports Inc. to Restructure.BOULDER, Colo.--(BUSINESS WIRE)--June 22, 1999-- Coyote Sports Inc. (Nasdaq:COYT), and Royal Precision Inc. announced Tuesday that the merger agreement between the two companies has been terminated at the request of Royal Precision Inc. due to a material change in the business of Coyote Sports Inc. resulting in an inability to obtain suitable replacement long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. financing. Termination of the merger agreement and the failure to obtain replacement long-term financing Long-term financing Liabilities repayable in more than one year plus equity. will most likely have a material adverse effect on Coyote's business, operating results and financial condition. The company, which is not current with certain vendors, is undertaking a thorough review of its financial situation to develop a plan to restructure the company and its financial obligations. Certain substantial debt obligations of the company contain a demand feature. The company is in direct communication with its lenders and hopes to be able to obtain satisfactory accommodations to restructure its obligations. If the company is not able to obtain satisfactory accommodations from its lenders or obtain other financing, it may be forced to seek relief under the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
In addition, the company anticipates that its common stock is likely to be delisted from the Nasdaq SmallCap Market. Coyote Sports Inc. is a diversified sports manufacturing company that specializes in golf (Apollo and Unifiber golf shafts The shaft of a golf club is the long, cylindrical piece - generally made of steel or graphite - which connects the golfer’s hands to the club head. While hundreds of different designs exist, the primary purpose of the golf shaft remains the same - to provide the player with a ), cycling (Reynolds premium cycle tubing), and the manufacture of advanced composite materials used for sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport products. Certain oral and written statements of management of the company included in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, that involve risks and uncertainties that could cause actual results to differ materially. |
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