Bullet-Cougar Secures Sufficient Votes to
Confirm Bankruptcy Plan
SANTA ANA, Calif., Aug. 8, 1997 - Bullet-Cougar
Golf Corporation announced today that it has received
sufficient ballots to confirm its Plan of Reorganization under
Chapter 11 of Title 11 of the U.S. Code (the Bankruptcy Code).
"The Company is very pleased with the outcome of the
balloting, and the only thing remaining before the Company comes
out of bankruptcy is the confirmation hearing scheduled for
today," President/CEO Robert Freedman stated. "By
completing its reorganization and emerging from bankruptcy in
August, Bullet will be able to attend the September PGA Show as
`The New Bullet.' We know how important this milestone is to the
many customers and suppliers who have stood by Bullet during its
struggles. The Bullet Board of Directors and the fine, growing
team of people who work here thank you all. The Company looks
forward to seeing our many old friends at the PGA Show in Las
Vegas."
Under the Bankruptcy Code, to be confirmed, a Plan of
Reorganization must receive, from each class of creditors
entitled to vote on the Plan, ballots in favor of the Plan
representing at least fifty percent of the number of outstanding
claims voted and two thirds of the aggregate dollar amount of
outstanding claims voted. The Company indicated it had vastly
exceeded this criterion. The deadline for the filing of ballots
was Monday, August 4. The hearing on confirmation of the Plan of
Reorganization is set for Friday, August 8, 1997, before the Hon.
Lynne Riddle, Judge of the United States Bankruptcy Court, Santa
Ana, California.
Under the terms of the company's Plan of Reorganization,
Clearwater Fund, of Clearwater, Florida, will become the 100%
shareholder of Bullet-Cougar. The terms of the Plan call for
Clearwater to provide for the reorganized company's working
capital requirements, as well as to fund the preponderance of the
schedule of payments to be made to unsecured creditors in
satisfaction of their claims.
Headquartered in Santa Ana, California, Bullet-Cougar Golf
Corporation is a full-line manufacturer and distributor of golf
equipment and accessories, which include clubs, bags and golf
balls.
SOURCE Bullet-Cougar Golf Corporation /CONTACT: Robert
Freedman Bullet-Cougar Golf Corporation, 714- 966-0310, ext. 245/