Wednesday, October 27, 1999
Press Release Information
Marker Receives Court Approval of Asset Purchase Agreement with CT Sports
The asset purchase agreement between Marker International and CT Sports Holding AG received final approval of the U.S. Bankruptcy court in Wilmington, Delaware on October 27, 1999.
This approval completes the necessary steps to finalize the transaction between the Marker Company and the holding company representing the interests of Tecnica ski boots and V”lkl skis. It also confirms the restructured debt and lending agreements of Marker. The companies will complete closing on the purchase agreement within the next two weeks.
What this means to Marker is summarized by a comment from CEO, Peter Weaver, ?The new Marker International will start with a healthy balance sheet and a strategic alliance with Tecnica and V”lkl. The financial difficulties of the past year are behind us now. We have been building for the future and all of our efforts can be directed toward that growth. The individual brands are, and will remain, strong in their own rights, at the same time we are planning for all the ways in which the combined efforts of the three companies will deliver the best programs to customers.?
For further information, please contact:
Kris Eglintine, Marker USA, phone 801-972-2100; fax 801-972-1011 |
