TKO creditors' meeting set, AR and financials revealed

A meeting of creditors in TKO's Ch. 11 bankruptcy reorganization has been announced as Nov. 15 in Houston, Texas. At the same time, TKO Sports Group USA Ltd. has filed its statements of financial affairs, schedules and accounts receivables with the U.S. Bankruptcy Court, Southern District of Texas.
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A meeting of creditors in TKO's Ch. 11 bankruptcy reorganization has been announced as Nov. 15 in Houston, Texas. At the same time, TKO Sports Group USA Ltd. has filed its statements of financial affairs, schedules and accounts receivables with the U.S. Bankruptcy Court, Southern District of Texas.

In addition, an amendment filed Oct. 26 with the court showed the number of creditors to be between 200 and 999, up from the lower number of 100 to 199 cited in the original filing on Oct. 11 by TKO.

Creditors will meet for the first time Nov. 15, in Suite 3401, 515 Rusk Ave., Houston, Texas. The deadline to file proof of a claim is Feb. 13, 2006.

In its required schedules to report all matters about the company, TKO has stated it has assets totaling $8,193,809.25 and liabilities of $10,571,610.29. One of the largest of 180 unsecured creditors listed appears to be Linex International, at $503,473, which was acquired by TKO in October 2004 and about which CEO Garry Kurtz spoke in an interview with SNEWS® in early 2005 (See SNEWS® story, April 25, 2005, "TKO goes for industry 'technical knockout'"). TKO planned to release TKO-branded cardiovascular equipment by Linex by late 2005 or early 2006.

Also, in its statement of financial affairs filed Oct. 26, it lists year-to-date income as $9,440,772. Among accounts receivables in an aging report also filed with the court Oct. 26, TKO shows $2.8 million in total receivables with only $833,000 over 120 days. According to the filing, the largest is Dick's Sporting Goods, $415,427; second, Hibbett, $216,450; and third, The Sports Authority, $192,588, all three of which have a percentage over 120 days. Fitness specialty stores on the list have mostly smaller amounts due, with none apparently over about $12,000 and most well under $10,000.

For additional information about the Ch. 11 filing, click here to see our Oct. 24, 2005, SNEWS® story.

Kurtz has responded with a "no comment" to inquiries from SNEWS® about the bankruptcy.

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