Fore! Sale. (Investments & Finance).Rumors are circulating that Los Angeles-based Oaktree Capital Management Oaktree Capital Management LLC is a US investment management corporation which operates a number of investment entities commonly known as hedge funds of approximately $40 Billion. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is looking to divest pieces of debt-laden athletic equipment maker Spalding Sports Worldwide. Early last year, Oaktree Capital gained control of the Chicopee, Mass.-based company and strengthened its balance sheet through a recapitalization. Casey Alexander, an analyst with Gilford Securities in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , said Spalding is expected to sell its inflatable products business to Russell Athletic, a unit of Russell Corp. in Atlanta. He said Spalding's Etonic footwear brand is likely to be sold to Ted Alfond, a former owner of Dexter Shoe Co. The sales will allow Spalding, whose biggest business is golf, to further lighten its debt load. Spalding has not released financial information since mid-2001, when it reported bank debt of $250 million. Terms of Oaktree's investment have not been disclosed. In addition to Etonic golf shoes and gloves and Spalding inflatable balls, the company makes Ben Hogan Noun 1. Ben Hogan - United States golfer who won many major golf tournaments (1912-1997) Hogan, William Benjamin Hogan golf clubs, Strata, Top-Rite and Molitor golf balls. Etonic's business has been damaged by competitor Footjoy, which is owned by Fortune Brands Inc. Etonic's market share has dropped 20 percent in the past five years and it currently controls just 4 percent of the market. Etonic gloves have a roughly 2 percent market share. It's no surprise to followers of Oaktree that it would sell Spalding in pieces since the firm, headed by Chairman Howard Marks Dennis Howard Marks, also known as Mr. Nice, (born August 13 1945 in Kenfig Hill, near Bridgend, Wales) achieved notoriety as an international hashish smuggler through high-profile court cases, supposed connections with groups such as MI6, the IRA, and the Mafia, and his , has a reputation as an investor in distressed debt distressed debt Debt with low junk status and a market price substantially below par value, often pennies on the dollar. Investors sometimes buy distressed debt on the possibility that management can renegotiate loan agreements and keep the issuer out of that looks for cheap companies that can be sold off quickly. Marks, who was traveling last week, couldn't be reached for comment. |
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