LIV Golf is proceeding with plans to wind down its operations and will not follow through with a “LIV 2.0” of the league.
“The debtors were ultimately unable to bring the key parties to a fully consensual arrangement that would have supported a financially viable LIV 2.0 league,” Gibson Dunn partner Matthew Williams, one of LIV’s attorneys, said Thursday at a hearing in the league’s Chapter 11 bankruptcy case. “As a result, the debtors are not currently proceeding with the LIV 2.0 plan,” Williams said. “Instead, the debtors are toggling to a value-maximizing wind down of their business.”
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BC Partners Credit pulled out of its $300 million deal to provide LIV with post-bankruptcy financing on Wednesday, which left the league with no other option beyond heading for liquidation of its assets.
A spokesperson for BC Partners Credit said the firm “supported a transaction that aligned the interests of players and investors, offering a credible path toward building a sustainable future for LIV Golf. While there was great support for the league, we are disappointed that mutually acceptable terms could not be reached among the various stakeholders. We commend LIV Golf’s management for their tireless efforts and thank the players who supported the future of LIV and engaged constructively throughout. We wish them every success as they continue their careers.”
LIV’s creditors committee will meet on Nov. 20, and another hearing in the bankruptcy case is scheduled for Nov. 24.
This is a developing story.
The post LIV Golf Is Shutting Down, Lawyers Confirm in Bankruptcy Hearing appeared first on Front Office Sports.
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