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Adidas bids for Top-Flite.

Publication: Rubber & Plastics News
Publication Date: 04-AUG-03
Format: Online - approximately 685 words
Delivery: Immediate Online Access
Full Article Title: Adidas bids for Top-Flite.(News)(Adidas Salomon A.G.)(Top-Flite Golf Co.)

Article Excerpt
Byline: Justin Boyd

Sporting-goods maker Adidas Salomon A.G. has decided to give Callaway Golf Co. competition in its bid to buy Top-Flite Golf Co., topping Callaway's original bid by $1 million.

Adidas filed for "qualified bidder" status in U.S. Bankruptcy Court in Wilmington in mid-July, offering $126 million for Top-Flite's golf ball business. Callaway made a $125 million bid in June.

Top-Flite filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code just days before using Section 363 of the Code, which absolves any buyer of responsibility for Top-Flite's debts.

According to the court's July 23 ruling,...

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