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🇨🇱 Chile /Economy & Trade

LIV Golf files for bankruptcy and asks players to become league owners

From Cooperativa · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement In the courts
  • LIV Golf Incorporated said it filed for Chapter 11 bankruptcy protection in a U.S. bankruptcy court in New Jersey.
  • The league said it signed a restructuring support agreement with BC Partners Advisors LP involving a recapitalization transaction.
  • LIV Golf said the proposed model would prioritize player ownership and seek to preserve the circuit’s operations.

LIV Golf has sought bankruptcy protection while asking its players to become owners of the league, presenting the move as a way to secure the circuit’s future.

strategic measures

· LIV Golf IncorporatedThe league used the phrase to describe steps intended to secure its continuation.

The league announced a series of “strategic measures” that it said would lay “the foundations for a future alongside its players and new financial investors.” The proposed ownership model would include players such as Chilean golfer Joaquín Niemann.

the foundations for a future alongside its players and new financial investors

· LIV Golf IncorporatedThe league described the purpose of its restructuring measures.

LIV Golf Incorporated said it had “signed a restructuring support agreement with BC Partners Advisors LP, the credit division of BC Partners, which provides for a recapitalization transaction.”

signed a restructuring support agreement with BC Partners Advisors LP, the credit division of BC Partners, which provides for a recapitalization transaction

· LIV Golf IncorporatedThe statement described the agreement supporting the restructuring.

To carry out the transaction, the league said it “voluntarily commenced a court-supervised restructuring process under Chapter 11 of Title 11 of the United States Code” in the U.S. Bankruptcy Court for the District of New Jersey. LIV Golf said the process aims to preserve the circuit’s operations through an innovative model that gives priority to players.

voluntarily commenced a court-supervised restructuring process under Chapter 11 of Title 11 of the United States Code

· LIV Golf IncorporatedThe league described its bankruptcy filing in New Jersey.
About this summary

Originally published by Cooperativa in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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