Denver Native (Carol)
01-26-2016, 02:24 PM
Sports Authority, which once dreamed of becoming the biggest U.S. sporting-goods retailer, is now working to stave off bankruptcy after failing to capitalize on a fitness boom that's benefiting upstart competitors.
The Englewood-based company is struggling to persuade creditors to reduce its outstanding debt as it tries to avoid filing for Chapter 11 reorganization, according to people with knowledge of the matter.
Sports Authority on Jan. 15 skipped an interest payment $343 million of subordinated debt maturing in 2018 and has been talking to the bondholders about taking a loss on the notes in exchange for other securities, said one of the people.
AND
Sports Authority took over Invesco's contract — which promised the stadium district and the Broncos $60 million each over a 20-year period — at the half-way point and has made payments "on time and in full since day one," district spokesman Matt Sugar said.
The payments are made on a graduated scale. Sugar said the next payment, due Aug. 1, 2016, will be $3.6 million.
"They have been a good partner," Sugar said.
A company spokeswoman declined to comment on how Sports Authority's financial struggles could impact the naming-rights deal.
full article - http://www.denverpost.com/business/ci_29429568/sports-authority-said-struggling-avoid-bankruptcy-filing
The Englewood-based company is struggling to persuade creditors to reduce its outstanding debt as it tries to avoid filing for Chapter 11 reorganization, according to people with knowledge of the matter.
Sports Authority on Jan. 15 skipped an interest payment $343 million of subordinated debt maturing in 2018 and has been talking to the bondholders about taking a loss on the notes in exchange for other securities, said one of the people.
AND
Sports Authority took over Invesco's contract — which promised the stadium district and the Broncos $60 million each over a 20-year period — at the half-way point and has made payments "on time and in full since day one," district spokesman Matt Sugar said.
The payments are made on a graduated scale. Sugar said the next payment, due Aug. 1, 2016, will be $3.6 million.
"They have been a good partner," Sugar said.
A company spokeswoman declined to comment on how Sports Authority's financial struggles could impact the naming-rights deal.
full article - http://www.denverpost.com/business/ci_29429568/sports-authority-said-struggling-avoid-bankruptcy-filing